Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

4
FOREWORD
AN INTRODUCTION TO THE INDIAN GOLD MARKET
This publication, together with the comprehensive analytical study, India’s Golden Era,
The Age of Kaliyug, from which it has been extracted, came about when the gold
mining companies that underwrite and sponsor Virtual Metals Research & Consulting Ltd
asked a seemingly simple question. Would they still be able to sell their ten-tola bars
into India in ten years time? It seemed bizarre that, despite India being the world’s
largest consumer of gold and thus of vital importance to the global gold business, the
world’s understanding of the domestic gold industry proved superficial. At the same
time, conventional wisdom seemed to insist that India was a bottomless pit into which
vast quantities of gold would continue to disappear, never to be seen by the global gold
market again. Was this true?
Having thus been commissioned Virtual Metals, in partnership with Grendon International
Research, set off for India to find out at first hand what actually happens there, how,
where and why it happens and if it will continue to happen in the future. The fruits of
these months of labour are, firstly, the analytical report The Age of Kaliyug which
contains not only a wealth of trade-related information and analysis by Grendon
International Research but also an extensive macro analysis by Virtual Metals of the
economic, social and political factors driving the Indian gold market, as well as
recommendations; secondly, the publication in your hand, An Introduction to the Indian
Gold Market.
It is Virtual Metals stated philosophy to support the precious metals markets wherever
possible and to actively seek ways of giving something back to the industry that we all
rely upon. Through sponsorship, Virtual Metals and Grendon International Research are
delighted to be able to share freely a sizeable proportion of the project’s basic market
intelligence.
Without the World Gold Council as the major sponsor and Rand Refinery Limited as the
corporate sponsor, the publication of An Introduction to the Indian Gold Market could not
have been funded, so our thanks go to them for their support and generosity. The
overall project is indebted to the foresight and vision of the underwriters and sponsors
of Virtual Metals: Gold Fields Ltd, Harmony Gold Mining Company Ltd, Western Areas Ltd
and Barrick Mining Ltd.
To acquire a copy of the comprehensive analytical report India’s Golden Era – The
Age of Kaliyug please contact Virtual Metals in London. The price is US$ 9,000.
Jessica Cross
Chief Executive Officer
Virtual Metals Research & Consulting Ltd November 2002
AN INTRODUCTION TO THE INDIAN GOLD MARKET