In 2015 India was the world’s fast growing economy; in recent years millions have been lifted out of poverty and India’s middle class has swelled. This is important because our econometric analysis indicates income growth drives gold demand. But India’s relationship with gold goes beyond income growth: gold is intertwined with India’s way of life. And as we look ahead, India’s gold market will evolve.
The report is divided into the following sections which may be downloaded individually:
Introduction and overview (pdf, 146.64 KB)
Section 1 - The drivers of Indian gold demand (pdf, 208.42 KB)
Section 2 - Jewellery demand (pdf, 342.04 KB)
Section 3 - Jewellery market structure (pdf, 364.39 KB)
Section 4 - International jewellery trade (pdf, 189.32 KB)
Section 5 - Gold investment market (pdf, 235.75 KB)
Section 6 - Gold in the financial system (pdf, 154.98 KB)
Section 7 - Bullion trade (pdf, 191.45 KB)
Section 8 - Gold refining and recycling (pdf, 148.67 KB)
