World Gold Council report (World Gold Council, WGC), entitled "The Indian gold market: evolution and innovation" and released January 24, 2017, explains the whole chain of the gold market supply of India - from the import and processing to consumer demand, and the fact it may develop in the coming years.
The report also contains a review of existing policies related to gold, and how they have evolved over the past few years.
According to the report, economic growth is the main driver of demand for gold in India. At the same time, India's gold industry is becoming more organized.
Alister Hyuitt (Alistair Hewitt), Head of Research at the WGC, said:
"India's economic growth has become the driving force behind the gold market in the country While the economy has been shaken by the program demonetization in the coming years it will again be able to bounce up and support the gold market. . Taking into account the fact that the outlook for revenue growth is positive in 2020, as we expect, the Indian demand for gold will average between 850 to 950 tons per year. "
According to the report, India's gold reserves reached about 23 000 - 24 000 tons worth more than $ 800 billion South India has the highest share of gold demand in the market is 40%, in Western India, this figure reaches 25%, and the North and East India. are 20% and 15% respectively share demand.
In addition, the WGC noted that in India there are about 385 000 - 410 000 jewelery businesses, most of which, or 70%, are unorganized.
"In the current debate about policy towards the gold market, we tend to focus on the control of imports of the metal - said PR Somasundaram (PR Somasundaram), WGC managing director of the Indian unit -. We want power more than appreciated the role of gold in household finances, as well as the positive impact of its widespread distribution. "
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