Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

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166 Net supply Gross supply Net demand Gross fabrication and demand Total imports CHAPTER 10 GOLD SUPPLY AND DEMAND CONTENTS Appendices Net new gold supply Indicative usage of net new gold supply Indicative gross jewellery fabrication Indicative gross fabrication and demand Total gold imports – includes gold imported for jewellery exporters Indicative above ground stocks Photograph: B.C. Sen Gold imports for the domestic market grew from less than 200 tonnes in 1990 to more than 670 tonnes in 2001. AN INTRODUCTION TO THE INDIAN GOLD MARKET
GOLD SUPPLY AND DEMAND Movements in net supply and demand since 1990 fall into 2 broad periods. 1990 - 1997: High growth over 8 years. From 178 tonnes to 645 tonnes 1998 - 2001: Largely static market over 4 years. Ranging between 650 - 690 tonnes. To understand unexpected movements in imports, it is necessary to take into account the large quantity of old jewellery, coins and bars recycled. It is substantial and tends to increase when the gold price spikes. A small increase in recycling at this time can reduce imports substantially. In 2001, when 672 tonnes were imported for the domestic market, an indicative estimate is that gross demand was about 1,053 tonnes. The gross statistic puts high tonnages of industrial fabrication (4%), coin fabrication (3%) and net bar hoarding (2%) into perspective. Jewellery accounts for around 90% of gross demand. NET SUPPLY 1990 – 1997 (8 years) Imports for the domestic market grew rapidly from 176 tonnes to 642 tonnes in 1997. Official imports were permitted for the first time in decades when the Non-Resident Indian (NRI) scheme was launched in March 1992. It enabled NRI’s (and organised NRI syndicates) to import 5 kg of gold every 6 months. Over the period, official imports accounted for 63% of total imports. NRI’s accounted for 56%. The Special Import Licence (SIL) scheme that included gold from April 1994 accounted for 7%. Unofficial imports were responsible for 37%. 1998 – 2001 (4 years) Imports for the domestic market remained largely static, ranging between 640 – 690 tonnes. Since 1998, authorised banks and Public Sector Undertakings have dominated official imports. Their first imports under the OGL scheme occurred in November 1997. Banks and PSU’s now account for more than 99%. Over the period, official imports accounted for approximately 87% of total imports. Gold mine output and gold as a by-product Primary gold mining yields around 2 tonnes annually. Total gold output increased to 9 tonnes in 2001, due to Birla Copper starting to process imported copper concentrates in 2000. Imports for jewellery exporters Duty-free gold imports for re-export as jewellery (mainly studded with diamonds and other stones) have grown substantially from 11 tonnes in 1990 to 54 tonnes in 2001 - 2002. These imports are not included in the analysis of the domestic market. GROSS SUPPLY Annual gross supply is much influenced by the amount of old jewellery, coins and bars recycled. Although the high level of recycling is not under-estimated by Indian analysts, it has not been widely publicised outside India. There are many forms of recycling as recorded in the chapter on “Gold Jewellery”. The Indian gold market is so complex, and so variable by State, by urban and rural area, and by retailer, that any national estimate of recycling can only be indicative. To try to obtain precise estimates is just not possible. What is important is a broad understanding of the approximate size, nature and annual change in recycling, and how it impacts on gross and net demand. Recycling of old jewellery, coins and bars Although there is great variation by retailer, by rural/urban area and by State, anecdotal evidence suggests (conservatively) that 40% of new jewellery sold nationally in 2001 was fabricated from old jewellery exchanged for new jewellery or bought back for cash, or from old coins and bars. This suggests that for every 1,200 kg of gold imported, an additional 800 kg of old gold was recycled. Large retailers in several States report an increase in recycling, mainly for exchange purposes, over the past 3 - 4 years. Compared to 40% in 2001, the national average may have been around 35% in 1998. In the first 6 months of 2002, due to the spurt in the gold price, recycling nationally is reported to be have exceeded 50%. AN INTRODUCTION TO THE INDIAN GOLD MARKET 167
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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
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GOLD JEWELLERY PRODUCTS Handmade je
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REGIONAL JEWELLERY STYLES KOLKATA K
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REGIONAL JEWELLERY STYLES AHMEDABAD
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REGIONAL JEWELLERY STYLES SWAMI JEW
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JEWELLERY FABRICATORS All centres,
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JEWELLERY FABRICATORS JEWELLERY WHO
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TRADITIONAL JEWELLERY RETAILERS Sta
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TRADITIONAL JEWELLERY RETAILERS Coi
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TRADITIONAL JEWELLERY RETAILERS ANT
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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 and 148: INDUSTRIAL GOLD USAGE IMITATION GOL
Page 149 and 150: MUMBAI GOLD PRICES Indian gold pric
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: Year Tonnes Year Tonnes 1970 3.241
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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