The demand for gold across India was about 797.3 metric tons in 2021. This represented an increase of some 78.6 percent in comparison to the previous year, and the first growth after four years of continual annual decline. Nonetheless, the overall decrease in volume seen in previous years did not affect growth in the value of the precious metal.
Gold supply
Gold demand in India is principally met through imports. India is one of the leading countries for gold imports. In financial year 2022, the value of India’s gold imports was estimated at over 3.4 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 produces a minimal amount of its gold needs through local mining. The volume of gold mined in India has remained below two metric tons since financial year 2013, while a small amount is also generated by the recycling the precious metal.
Reasons to purchase gold
Gold purchases are considered an important source of investment. Weddings and festivals across the country lead to major gold sales. Around 20 percent of annual sales come 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 are consumed in the country every year.
Annual demand volume of gold across India from 2010 to 2021
(in metric tons)
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
India Brand Equity Foundation. (September 1, 2022). Annual demand volume of gold across India from 2010 to 2021 (in metric tons) [Graph]. In Statista. Retrieved September 20, 2024, from https://www.statista.com/statistics/896708/india-gold-demand-volume-annual/
India Brand Equity Foundation. "Annual demand volume of gold across India from 2010 to 2021 (in metric tons) ." Chart. September 1, 2022. Statista. Accessed September 20, 2024. https://www.statista.com/statistics/896708/india-gold-demand-volume-annual/
India Brand Equity Foundation. (2022). Annual demand volume of gold across India from 2010 to 2021 (in metric tons) . Statista. Statista Inc.. Accessed: September 20, 2024. https://www.statista.com/statistics/896708/india-gold-demand-volume-annual/
India Brand Equity Foundation. "Annual Demand Volume of Gold across India from 2010 to 2021 (in Metric Tons) ." Statista, Statista Inc., 1 Sep 2022, https://www.statista.com/statistics/896708/india-gold-demand-volume-annual/
India Brand Equity Foundation, Annual demand volume of gold across India from 2010 to 2021 (in metric tons) Statista, https://www.statista.com/statistics/896708/india-gold-demand-volume-annual/ (last visited September 20, 2024)
Annual demand volume of gold across India from 2010 to 2021 (in metric tons) [Graph], India Brand Equity Foundation, September 1, 2022. [Online]. Available: https://www.statista.com/statistics/896708/india-gold-demand-volume-annual/