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Indian gold production volume FY 2012-2019

Accounting for nearly one-third of the global gold demand, India’s fascination with jewelry can be dated back to almost five thousand years ago to the time of the Indus Valley Civilization. The south Asian country’s gold production amounted to around 1,600 kilograms in 2017. The country’s gold reserves were over 600 metric tons in 2019, declining however, at a rapid pace. Increased gold and jewelry consumption by the middle-class population was estimated to be a major factor for this increased demand.

Indian jewelry market

The jewelry market contributes to about seven percent to India’s GDP. It was estimated to be valued at over six billion Indian rupees by 2021. The availability of highly skilled labor at low costs makes the region a very favorable market. With the highest saving rates worldwide, at about 30 percent, Indians put their faith in the value of gold, investing about ten percent of their savings in it.

Future outlook

Increasing penetration from new players is likely to play a key role in the industrial development. With over 200 retail stores, established brands have also been increasing their influence in the market. Reduced import duties combined with the possibility of creating more employment are some factors due to which gold will continue to play a crucial role in Indian households.

Volume of gold production in India from financial year 2012 to 2018, with an estimate for 2019

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Source

Release date

November 2019

Region

India

Survey time period

FY 2012 to FY 2018

Supplementary notes

*Provisional.

Note: India's financial year begins in April and ends in March. For example, FY 2016 started in April 2015 and ended in March 2016.

Values have been rounded for clarity.

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