Annual demand volume of gold India 2010-2020

The demand for gold across India was about 446.4 metric tons in 2020. An overall decline in demand was seen since 2010. However, the decrease in volume did not affect growth in the value of the precious metal, which went up by three percent in 2019 compared to 2018.

Gold supply

Gold demand in India is principally met through imports. India was one of the leading countries for gold import. In financial year 2019, the value of India’s gold import was almost two trillion Indian rupees. The import of gold was a major cause for the country’s trade deficit. To curb imports, the Modi government changed India’s gold import policy. This was done by introducing a higher import duty and allowing import only via nominated agencies which were notified by the Reserve Bank of India and the Directorate General of Foreign Trade. The country produced a minimal amount of its gold needs through local mining. The volume of gold mined in India was less than two metric tons, while a small amount was also generated by the recycling the precious metal.

Reasons to purchase gold

Gold purchases were considered an important source of investment. Weddings and festivals across the country led to a majority of gold sales. Around 20 percent of annual sales came from Deepavali, the Hindu festival of lights. The precious metal is considered auspicious and is worn on important occasions and ceremonies in India, mainly in the form of jewelry. Since 2010, more than 500 metric tons of gold jewelry was consumed in the country.

Annual demand volume of gold across India from 2010 to 2020

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Sources

Release date

January 2021

Region

India

Survey time period

2010 to 2020

Supplementary notes

Data has been compiled from various sources.

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Statistics on "Jewelry market in India"

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