Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

GOLD SUPPLY AND DEMAND
INDICATIVE ABOVE GROUND GOLD STOCKS
Based on estimated gold imports since 1831
Years Category Tonnes
1831 – 1931 Net imports 3,700
1832 – 1940 Net exports (1,400)
Stock at end of 1940 2,300
1941 – 1950 Net imports * 311
1951 – 1957 Unofficial imports 653
Stock at end of 1957 ** 3,264
1958 – 1963 Unofficial imports 520
1964 – 1967 Unofficial imports 720
1968 – 1973 Unofficial imports 750
1974 – 1978 Unofficial imports 210
1979 Unofficial imports 11
1980 Unofficial exports (9)
Stock at end of 1980 5,466
1981 – 1985 Unofficial imports 381
1986 – 1990 Unofficial imports 520
Stock at end of 1989 6,367
1990 – 1994 Official imports and other sources 1,137
1995 – 1999 Official imports and other sources 2,787
2000 – 2001 Official imports and other sources 1,362
Table source: Grendon International Research
Stock at end of 2001 11,653
Including official gold reserves 12,011
of 358 tonnes at end 2001
Sources: * 1831 – 1957: ** Reserve Bank of India Bulletin, April 1958. 1958-1980: Estimates by Mr Shantilal Sonawala, former President of Bombay
Bullion Association. 1981-1989: Gold Fields Mineral Services Ltd (GFMS).
Stocks at the end of 2001 are recorded at approximately 12,000 tonnes. 45% of the stock (5,300 tonnes)
has been acquired since 1990.
The 181 million families in India hold an average of 64 grammes of fine gold (around 85 grammes of carat gold). As 26%
of the population is below the poverty line, the top 50% would obviously hold substantially more than the average.
At least 90% appears to be held as gold jewellery. Anecdotal evidence (at this time) suggests that around 5% may be held
in the form of coins and bars. The net accumulation of coins and bars is considered low because much has been
converted into jewellery. In addition, it was illegal to fabricate coins or own bars during the Gold (Control) Act period.
Some Indian analysts believe that historical estimates of the amount of gold imported into India may be
understated.
AN INTRODUCTION TO THE INDIAN GOLD MARKET 175