2. Prior to 1962, India was the world's largest
gold market
The main trading center was Bombay
In 1962 the govt enacted the Gold Control
Act, which prohibited the citizens of India
from holding pure gold bars and coins
The govt abolished the Gold Control Act in
1992 and liberalized the import of gold in
India for a duty payment of Rs. 250 per 10
grams.
3. Gold holdings in India are estimated to be in
the range of 10000-13000 tonnes and are
predominantly private.
India’s gold consumption is 25% of world’s
total gold production.
India has a very limited gold production of
around 9 tonnes in 2002The domestic
production of the gold is very limited which is
around 9 tonnes in 2002 including 2.940
tonnes from mines and 6.203 tonnes from
Birla Copper
More than 60% of Indian consumption is met
through imports
4. The domestic gems and jewellery industry
had a market size of Rs 251,000 crore
In India, gold jewellery is a store of value, a
symbol of wealth and status and a
fundamental part of many rituals
India is the world's largest consumer of gold
in jewelry as investment
75 per cent of gold demand in India has
taken the form of jewellery
More than two-thirds of that demand comes
from the country’s rural population
