Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

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BAR HOARDING Bullion dealers and jewellery retailers in urban and rural areas generally reported that, in their view, bar hoarding by the public is low. The exceptions were some trade entities in Mumbai and Ahmedabad. In major cities, speculative trading in TT bars occurs but the number of speculators is regarded as small and confined mainly to the “elite”. Anecdotal evidence suggests that the net increase in bars hoarded may have been as low as 20 tonnes in 2001. The level of net bar hoarding is an unresolved issue. Some Indian analysts believe it may be higher than the estimates in this report. PERSPECTIVE Several reasons for the low level of bar hoarding were advanced. • Owning imported TT bars implied an association with the underground economy. Even if bought with legitimate funds, bar ownership would be queried by the tax authorities. • Many people were still not aware that TT bar ownership, banned during the period of the Gold (Control) Act, was now legal. Even those who were aware that it is legal felt more comfortable owning jewellery and coins. • Gold is not an “idle” asset. Gold in the form of jewellery could be worn. Most wives would also persuade their husbands to convert bars, if held, into jewellery. • Unlike Western countries, gold jewellery is still widely regarded as the best way to “invest” in gold for store of value and savings purposes. • In the early to mid-1990s, there had been more bar hoarding, but it had declined in recent years in most States due to the static rupee gold price. In the major metropolitan cities, the trade did report some private speculation in bars. There were large investors who bought and sold TT bars (sometimes 100 or more), but this did not constitute bar hoarding. There appeared to be little long-term accumulation. The number of speculators had also fallen since the mid to late 1990s. Some trade entities, in the metropolitan cities, also commented that significant quantities of TT bars may be bought to “park” underground funds, but in their view the bars were likely to be held for a short period before being used for other purposes. Some top end jewellery retailers, in Mumbai in particular, also observed that, although few TT bars were currently used to pay for jewellery (apart from NRI’s who often brought back bars and coins for this purpose), they expected consumers to accumulate more bars in the future. There was some evidence that this was starting to happen. It would be cheaper to convert accumulated bars, rather than accumulated jewellery, into new jewellery for marriage purposes. The trade made these observations in the context of a static rupee gold price between 1997 - 2001. Although the price had risen since September 2001, they believed that the public were still wary about the direction of the gold price. Attitudes to bar ownership might change but, in their view, most purchases in the future were more likely to be for short-term speculative purposes, or accumulated for conversion into jewellery. ABOVE GROUND STOCKS Anecdotal evidence (at this time) suggests that bar hoarding as a proportion of India’s above ground stocks of gold may be below 2%, i.e. below 240 tonnes. The net annual increase in the above ground stock of TT and other bars appears to have been small in recent years. The annual increase in the net amount of bars hoarded is difficult to resolve as some trade entities appear not to differentiate clearly between the gross and net level of private bar purchases in any one year. The on-going dishoarding of bars, originally bought for speculative or “money” purposes, or for conversion into jewellery over time, appears not to be taken sufficiently into account. 86 AN INTRODUCTION TO THE INDIAN GOLD MARKET
BAR HOARDING Some trade entities in Mumbai and Ahmedabad expect more consumers to accumulate TT and minted bars for conversion into gold jewellery in the future. AN INTRODUCTION TO THE INDIAN GOLD MARKET 87
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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
Page 37 and 38: ROLE OF INDIAN GOVERNMENT LICENSED
Page 39 and 40: MAP OF INDIA There are 28 States, 6
Page 41 and 42: POPULATION URBAN AND RURAL State Mi
Page 43 and 44: POPULATION HOUSEHOLDS - SPLIT BY SO
Page 45 and 46: ECONOMIC INDICES STATES - INDICATIV
Page 47 and 48: AGRICULTURE VALUE OF AGRICULTURAL O
Page 49 and 50: AGRICULTURE MAJOR CROPS - NORMAL AR
Page 51 and 52: MONSOONS PERFORMANCE OF SOUTH WEST
Page 53 and 54: IMPORTED GOLD BARS The 10 tola bar
Page 55 and 56: IMPORTED GOLD BARS 10 TOLA BARS AGR
Page 57 and 58: IMPORTED GOLD BARS GOLD WEIGHT CONV
Page 59 and 60: The fine gold content of a London G
Page 61 and 62: BULLION IMPORTERS UNOFFICIAL IMPORT
Page 63 and 64: BANKS IMPORTED BULLION PRODUCTS Ban
Page 65 and 66: WHOLESALING TO DOMESTIC BULLION DEA
Page 67 and 68: BANKS BACKGROUND INFORMATION ON BAN
Page 69 and 70: BANKS GOLD CELL BRANCHES Region/Sta
Page 71 and 72: GOLD DEPOSIT SCHEME DISTRIBUTION Th
Page 73 and 74: GOLD DEPOSIT SCHEME The State Bank
Page 75 and 76: PUBLIC SECTOR UNDERTAKINGS BRANCHES
Page 77 and 78: Region/State City MMTC HHEC STC PEC
Page 79 and 80: NON-RESIDENT INDIAN (NRI) GOLD IMPO
Page 81 and 82: BULLION DEALERS A secondary tier bu
Page 83 and 84: GOLD REFINERS SMALL REFINERS There
Page 85 and 86: COIN FABRICATORS Corporate gifts Al
Page 87: COIN FABRICATORS A bullion dealer t
Page 91 and 92: BULK DELIVERY OF OFFICIAL GOLD IMPO
Page 93 and 94: BULK DELIVERY OF OFFICIAL GOLD IMPO
Page 95 and 96: 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
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SOURCES OF GOLD BULLION Jewellery e
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Location US dollars in millions % S
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Plain gold jewellery Location US$ m
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INDUSTRIAL GOLD USAGE Since the rep
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INDUSTRIAL GOLD USAGE IMITATION GOL
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MUMBAI GOLD PRICES Indian gold pric
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MUMBAI GOLD PRICES INDICATIVE DIFFE
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MONTHLY 2000 - 2001 2000 MUMBAI LON
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PRICING AND PROFITABILITY Bank impo
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Recycling of old gold scrap and bar
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JEWELLERY WHOLESALERS Jewellery who
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Hallmarking charges The few hundred
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PRICING AND PROFITABILITY MINTED CO
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GOLD MINING AND EXPLORATION For 36
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Year Tonnes Year Tonnes 1970 3.241
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GOLD SUPPLY AND DEMAND Movements in
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GOLD SUPPLY AND DEMAND The trade at
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For the domestic market 1990 - 2001
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GOLD SUPPLY AND DEMAND INDICATIVE G
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GOLD SUPPLY AND DEMAND INDICATIVE A
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WORLD GOLD COUNCIL The World Gold C
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WORLD GOLD COUNCIL TRADITIONAL GOLD
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WORLD GOLD COUNCIL LOCAL FESTIVALS
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WORLD GOLD COUNCIL YOUNGER GENERATI
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Indian Overseas Bank Precious Metal
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REFINERS AND COIN FABRICATORS WEST
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BIBLIOGRAPHY Agricultural Statistic
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ABOUT GRENDON INTERNATIONAL RESEARC
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Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

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