Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

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146 Annual 1970 - 2001 Monthly 1997 - 2001 Annual 1925 - 1969 CHAPTER 7 MUMBAI GOLD PRICES CONTENTS The Bombay Bullion Association was established in 1948. The Mumbai gold price per 10 g grew from Rs 184 in 1970 to an annual average of Rs 4,462 in 2001. AN INTRODUCTION TO THE INDIAN GOLD MARKET
MUMBAI GOLD PRICES <strong>Indian</strong> gold prices are normally expressed in rupees per 10 g at 995 purity, or per 10 tola at 999 purity. Over the past 10 years, the difference between the Mumbai and London gold price has steadily narrowed. In 1990, the Mumbai premium averaged 56%. In 2001, it averaged 9%. MUMBAI The prevailing price of standard gold in Mumbai is widely accepted as a national benchmark. The Mumbai price reflects the international US dollar price, the rupee exchange rate with the US dollar (the official, as well as the unofficial cash and hawala rates), and the level of local gold supply and demand. It also takes into account bar import costs (including Customs duty), and applicable State sales and other taxes in Mumbai. The standard gold price in other cities and towns can be slightly higher or lower than the Mumbai price, dependent on local rupee exchange rates, State and municipal taxes, bar transportation costs, and their own level of local gold supply and demand. The relevant standard gold price then determines the local price of 10 tola bars, and the local price per gramme at which jewellery retailers sell, exchange and buy back gold jewellery at 22 carat and other caratages. Bank prices for 10 tola bars at 999 purity are now also widely publicised. This has occurred since November 1997, when authorised banks started importing gold bars. As banks rely on imported gold bars, and do not buy bars on the secondary market, their prices can sometimes be above the standard gold price. SOURCES There are no accessible statistics that record Mumbai’s highest, lowest and average monthly and annual gold prices, and Mumbai’s variation from London gold prices, back to 1970. In addition, many published statistics, relating to the 1970s and 1980s, appear to use prices on the last trading day of March, or India’s April - March financial year average, as indicative calendar year averages. When referring to the tables in this section, the following can be noted: Period 1970 - 1989 Rupee gold prices. The price in Mumbai on the last trading day of March, as recorded by The Bombay Bullion Association Ltd. US dollar gold prices. The average for March at the London gold fix, as recorded by Samuel Montagu & Co Ltd in its historical bulletins. Rupee/US dollar exchange rates. The annual period rate, as recorded by the IMF in its International Financial Statistics Yearbook. Difference between Mumbai and London prices. It is only indicative as the average US dollar price for March is compared to the rupee price on the last trading day of March. Period 1990 - 2001 Based on statistics compiled by Madhusudan Daga, who provides many of the statistics normally published by The Bombay Bullion Association Ltd. Rupee gold prices. Average monthly and annual prices in Mumbai. US dollar gold prices. Average monthly and annual prices at the London fixes. The annual average is the average of the monthly averages. Rupee/US dollar exchange rate. Official average monthly and annual rates, based on daily rates recorded in Mumbai. Both periods Equivalent London gold price in rupees per 10 g. Based on the official exchange rate, 10 g equals 0.32151 oz, and purity at 995. AN INTRODUCTION TO THE INDIAN GOLD MARKET 147
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AN INTRODUCTION TO THE INDIAN GOLD
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INDUSTRY SUPPORT MAJOR SPONSOR CORP
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PREFACE An Introduction to the Indi
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ACKNOWLEDGEMENTS GIR FIELDTRIPS GIR
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Raman Jethi Ramchand Popley Ramesh
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SUMMARY AND POSITIVE FINDINGS BACKG
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SUMMARY AND POSITIVE FINDINGS To ma
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SUMMARY AND POSITIVE FINDINGS The a
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SUMMARY AND POSITIVE FINDINGS POSIT
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SUMMARY AND POSITIVE FINDINGS INDUS
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ROLE OF INDIAN GOVERNMENT The India
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ROLE OF INDIAN GOVERNMENT The Depar
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ROLE OF INDIAN GOVERNMENT OFFICIAL
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ROLE OF INDIAN GOVERNMENT In summar
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ROLE OF INDIAN GOVERNMENT GOLD CONT
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ROLE OF INDIAN GOVERNMENT LICENSED
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MAP OF INDIA There are 28 States, 6
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POPULATION URBAN AND RURAL State Mi
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POPULATION HOUSEHOLDS - SPLIT BY SO
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ECONOMIC INDICES STATES - INDICATIV
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AGRICULTURE VALUE OF AGRICULTURAL O
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AGRICULTURE MAJOR CROPS - NORMAL AR
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MONSOONS PERFORMANCE OF SOUTH WEST
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IMPORTED GOLD BARS The 10 tola bar
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IMPORTED GOLD BARS 10 TOLA BARS AGR
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IMPORTED GOLD BARS GOLD WEIGHT CONV
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The fine gold content of a London G
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BULLION IMPORTERS UNOFFICIAL IMPORT
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BANKS IMPORTED BULLION PRODUCTS Ban
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WHOLESALING TO DOMESTIC BULLION DEA
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BANKS BACKGROUND INFORMATION ON BAN
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BANKS GOLD CELL BRANCHES Region/Sta
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GOLD DEPOSIT SCHEME DISTRIBUTION Th
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GOLD DEPOSIT SCHEME The State Bank
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PUBLIC SECTOR UNDERTAKINGS BRANCHES
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Region/State City MMTC HHEC STC PEC
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NON-RESIDENT INDIAN (NRI) GOLD IMPO
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BULLION DEALERS A secondary tier bu
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GOLD REFINERS SMALL REFINERS There
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COIN FABRICATORS Corporate gifts Al
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COIN FABRICATORS A bullion dealer t
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BAR HOARDING Some trade entities in
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BULK DELIVERY OF OFFICIAL GOLD IMPO
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BULK DELIVERY OF OFFICIAL GOLD IMPO
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PERSPECTIVE INDIA The gold jeweller
Page 97 and 98: GOLD JEWELLERY PRODUCTS Handmade je
Page 99 and 100: REGIONAL JEWELLERY STYLES KOLKATA K
Page 101 and 102: REGIONAL JEWELLERY STYLES AHMEDABAD
Page 103 and 104: REGIONAL JEWELLERY STYLES SWAMI JEW
Page 105 and 106: JEWELLERY FABRICATORS All centres,
Page 107 and 108: JEWELLERY FABRICATORS JEWELLERY WHO
Page 109 and 110: TRADITIONAL JEWELLERY RETAILERS Sta
Page 111 and 112: TRADITIONAL JEWELLERY RETAILERS Coi
Page 113 and 114: TRADITIONAL JEWELLERY RETAILERS ANT
Page 115 and 116: TRADITIONAL JEWELLERY RETAILERS Man
Page 117 and 118: ADORNMENT DIMENSION Gold jewellery
Page 119 and 120: GOLD JEWELLERY CONSUMERS MARRIAGES
Page 121 and 122: GOLD JEWELLERY CONSUMERS Among larg
Page 123 and 124: GOLD JEWELLERY CONSUMERS RURAL VERS
Page 125 and 126: GOLD JEWELLERY CONSUMERS Gold jewel
Page 127 and 128: GOLD JEWELLERY CONSUMERS INDICATIVE
Page 129 and 130: LUNAR CALENDAR Mumbai (Maharashtra)
Page 131 and 132: BRANDED JEWELLERY RETAIL CHAINS DIS
Page 133 and 134: Region/State Gili Tanishq Carbon In
Page 135 and 136: HALLMARKS In accordance with BIS pr
Page 137 and 138: HALLMARKING Most jewellery in the W
Page 139 and 140: SOURCES OF GOLD BULLION Jewellery e
Page 141 and 142: Location US dollars in millions % S
Page 143 and 144: Plain gold jewellery Location US$ m
Page 145 and 146: INDUSTRIAL GOLD USAGE Since the rep
Page 147: INDUSTRIAL GOLD USAGE IMITATION GOL
Page 151 and 152: MUMBAI GOLD PRICES INDICATIVE DIFFE
Page 153 and 154: MONTHLY 2000 - 2001 2000 MUMBAI LON
Page 155 and 156: PRICING AND PROFITABILITY Bank impo
Page 157 and 158: Recycling of old gold scrap and bar
Page 159 and 160: JEWELLERY WHOLESALERS Jewellery who
Page 161 and 162: Hallmarking charges The few hundred
Page 163 and 164: PRICING AND PROFITABILITY MINTED CO
Page 165 and 166: GOLD MINING AND EXPLORATION For 36
Page 167 and 168: Year Tonnes Year Tonnes 1970 3.241
Page 169 and 170: GOLD SUPPLY AND DEMAND Movements in
Page 171 and 172: GOLD SUPPLY AND DEMAND The trade at
Page 173 and 174: For the domestic market 1990 - 2001
Page 175 and 176: GOLD SUPPLY AND DEMAND INDICATIVE G
Page 177 and 178: GOLD SUPPLY AND DEMAND INDICATIVE A
Page 179 and 180: WORLD GOLD COUNCIL The World Gold C
Page 181 and 182: WORLD GOLD COUNCIL TRADITIONAL GOLD
Page 183 and 184: WORLD GOLD COUNCIL LOCAL FESTIVALS
Page 185 and 186: WORLD GOLD COUNCIL YOUNGER GENERATI
Page 187 and 188: Indian Overseas Bank Precious Metal
Page 189 and 190: REFINERS AND COIN FABRICATORS WEST
Page 191 and 192: BIBLIOGRAPHY Agricultural Statistic
Page 193 and 194: ABOUT GRENDON INTERNATIONAL RESEARC
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