India's primary gold production amounted to around 1,251 kilograms (1.25 metric tons) in financial year 2021-22. This was a notable decrease from the country's primary gold production in financial year 2019-20, which amounted to 1,742 kilograms.
Indian jewelry market: a driver of gold consumption
Accounting for nearly one-third of the global gold demand, India’s fascination with jewelry can be dated back to almost five thousand years ago to the time of the Indus Valley Civilization. Indeed, the jewelry market in India contributes to about seven percent of the country's GDP. The availability of highly skilled labor at low costs makes the region a very favorable market. With the highest saving rates worldwide, at about 30 percent, Indians put their faith in the value of gold, investing about ten percent of their savings into it.
Gold imports to India: meeting demand through trade
Despite India's sizeable demand for gold, the country is not among the world's leading gold mining countries. In fact, India meets much of its gold demand through imports. As of 2021, India's gold imports amounted to 55.8 billion U.S. dollars, and was the second-largest gold importing nation based on value that year.
Production volume of gold in India from financial year 2012 to 2021, with estimates until 2023
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Production volume in metric tons
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Ministry of Mines (India) . (March 3, 2023). Production volume of gold in India from financial year 2012 to 2021, with estimates until 2023 (in metric tons) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/667473/india-gold-production-volume/
Ministry of Mines (India) . "Production volume of gold in India from financial year 2012 to 2021, with estimates until 2023 (in metric tons)." Chart. March 3, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/667473/india-gold-production-volume/
Ministry of Mines (India) . (2023). Production volume of gold in India from financial year 2012 to 2021, with estimates until 2023 (in metric tons). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/667473/india-gold-production-volume/
Ministry of Mines (India) . "Production Volume of Gold in India from Financial Year 2012 to 2021, with Estimates until 2023 (in Metric Tons)." Statista, Statista Inc., 3 Mar 2023, https://www.statista.com/statistics/667473/india-gold-production-volume/
Ministry of Mines (India) , Production volume of gold in India from financial year 2012 to 2021, with estimates until 2023 (in metric tons) Statista, https://www.statista.com/statistics/667473/india-gold-production-volume/ (last visited July 22, 2024)
Production volume of gold in India from financial year 2012 to 2021, with estimates until 2023 (in metric tons) [Graph], Ministry of Mines (India) , March 3, 2023. [Online]. Available: https://www.statista.com/statistics/667473/india-gold-production-volume/