Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

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ROLE OF INDIAN GOVERNMENT GOVERNMENT PERSPECTIVE The former Deputy Governor of the Reserve Bank of India, Dr Y.V. Reddy, delivered 3 significant speeches on India’s national gold policy at conferences in New Delhi organised by the World Gold Council. They are available on the RBI’s website (www.rbi.org.in). Gold in the Economic System. 28 November 1996. Traces the development of India’s gold policy since 1947. Gold Banking in India. 2 August 1997. Reviews India’s gold policy options. Evolving Role of Gold - Recent Trends and Future Direction. 21 March 2002. In the most recent speech, Dr Reddy identified 5 broad gold policy areas that are under review. Import of gold Further rationalisation may result in large institutions such as banks becoming the sole official importers of gold bullion. The NRI scheme that allows individuals to import gold may be withdrawn. Gold jewellery exports Some restrictions on gold jewellery export-oriented units may be removed. For example, customs bonding may no longer be necessary. Market development The establishment of a Gold Exchange in due course has merit. The feasibility of introducing Futures Trading in Gold is being examined by the Forward Markets Commission. Hallmarking The hallmarking initiative needs support. Banks, for example, should consider giving preferential treatment to Certified Jewellers by prescribing different margins for loans extended against the pledge of gold with hallmarking and that without. Research and policy studies The RBI is in favour of further studies covering 3 broad areas: “Gold reserves and their role in the forex market; the development of gold markets in conjunction with financial markets; and the macro economic implications of gold policy and gold markets, especially in the context of financial savings”. OBSERVATIONS India’s pragmatic policy since the repeal of the Gold (Control) Act in 1990 appears to have served the country well. Customs duty has generated substantial revenue. Since the NRI scheme was initiated in 1992, customs duty has generated around Rs 106 billion (US$ 2.6 billion). India is now paying a lot less for imported gold. The domestic cost of gold imported officially (excluding Customs duty) now matches the international price. This benefits all gold consumers. During the 1980s, unofficially imported gold was traded at an average premium of 47%. The quality of gold jewellery has improved significantly. Although the fabrication of undercaratage jewellery remains widespread, notably in suburban and rural areas, most urban retailers at the top end have already raised their caratages whether acting as a Certified Jeweller or not. The hallmarking scheme is likely to see most leading retailers hallmarking much of their jewellery over the next 5 - 10 years. Gold jewellery exports have surged. The value of gold jewellery exports has surged from around US$ 300 million in 1991 - 1992 to around US$ 1.1 billion in 2000 - 2001. Over the same period, value addition above the cost of gold used has grown from 24% to around 60%, rising from US$ 73 million to US$ 653 million. Unofficial imports have been curbed. Unofficial imports now represent a small proportion of total gold imports. Since the introduction of the OGL scheme in 1997, unofficial imports have accounted for around 13% of total imports. Smuggling is barely profitable, and fraught with risk, when officially imported gold (after Customs duty and State sales taxes have been paid) is traded at only 7% above the international gold price. The only failure to date has been the Gold Deposit Scheme, the reasons for which are clearly understood by the RBI. Potential depositors are aware that gold jewellery is worth a lot more than the value of its gold content when melted down, that the rate of return on deposited gold is relatively low, and that there is little financial incentive for banks to promote the scheme. 28 AN INTRODUCTION TO THE INDIAN GOLD MARKET
ROLE OF INDIAN GOVERNMENT OFFICIAL GOLD RESERVES 1950 - 2001 Year Tonnes Year Tonnes 1950 219.8 1976 216.3 1951 219.8 1977 228.8 1952 219.8 1978 260.1 1953 219.8 1979 266.2 1954 219.8 1980 267.3 1955 219.8 1981 267.3 1956 219.8 1982 267.3 1957 219.8 1983 267.3 1958 219.8 1984 271.7 1959 219.8 1985 292.3 1960 219.8 1986 325.0 1961 219.8 1987 325.0 1962 219.8 1988 325.0 1963 219.8 1989 325.0 1964 219.8 1990 332.6 1965 249.6 1991 350.6 1966 216.3 1992 353.0 1967 216.3 1993 356.3 1968 216.3 1994 367.0 1969 216.3 1995 397.5 1970 216.3 1996 397.5 1971 216.3 1997 397.5 1972 216.3 1998 357.3 1973 216.3 1999 357.7 1974 216.3 2000 357.7 1975 216.3 2001 357.8 Sources. 1950-91: Reserve Bank of India. 1992-2001: Derived from IMF International Financial Statistics. Official gold holdings have grown from 216 tonnes (1976) to 358 tonnes (2001) - an increase of 142 tonnes over the past 25 years. 1956. The RBI revalued official holdings from Rs 21.24 to Rs 62.50 per tola (Rs 58.58 per 10 g). October 1990. The RBI changed its valuation policy, revaluing official holdings each month at the prevailing international market price for gold. May 1991. The government pledged 47 tonnes of official holdings to back loans from international banks for development purposes. After a national outcry, the pledge was withdrawn. The India Government Mint, Mumbai has refined gold since 1919. AN INTRODUCTION TO THE INDIAN GOLD MARKET 29
Page 1 and 2: AN INTRODUCTION TO THE INDIAN GOLD
Page 5 and 6: INDUSTRY SUPPORT MAJOR SPONSOR CORP
Page 7 and 8: PREFACE An Introduction to the Indi
Page 13 and 14: ACKNOWLEDGEMENTS GIR FIELDTRIPS GIR
Page 15 and 16: Raman Jethi Ramchand Popley Ramesh
Page 17 and 18: SUMMARY AND POSITIVE FINDINGS BACKG
Page 19 and 20: SUMMARY AND POSITIVE FINDINGS To ma
Page 21 and 22: SUMMARY AND POSITIVE FINDINGS The a
Page 23 and 24: SUMMARY AND POSITIVE FINDINGS POSIT
Page 25 and 26: SUMMARY AND POSITIVE FINDINGS INDUS
Page 27 and 28: ROLE OF INDIAN GOVERNMENT The India
Page 29: ROLE OF INDIAN GOVERNMENT The Depar
Page 33 and 34: ROLE OF INDIAN GOVERNMENT In summar
Page 35 and 36: 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
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BULLION DEALERS A secondary tier bu
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GOLD REFINERS SMALL REFINERS There
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COIN FABRICATORS Corporate gifts Al
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COIN FABRICATORS A bullion dealer t
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BAR HOARDING Some trade entities in
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BULK DELIVERY OF OFFICIAL GOLD IMPO
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BULK DELIVERY OF OFFICIAL GOLD IMPO
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PERSPECTIVE INDIA The gold jeweller
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GOLD JEWELLERY PRODUCTS Handmade je
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REGIONAL JEWELLERY STYLES KOLKATA K
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REGIONAL JEWELLERY STYLES AHMEDABAD
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REGIONAL JEWELLERY STYLES SWAMI JEW
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JEWELLERY FABRICATORS All centres,
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JEWELLERY FABRICATORS JEWELLERY WHO
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TRADITIONAL JEWELLERY RETAILERS Sta
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TRADITIONAL JEWELLERY RETAILERS Coi
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TRADITIONAL JEWELLERY RETAILERS ANT
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TRADITIONAL JEWELLERY RETAILERS Man
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ADORNMENT DIMENSION Gold jewellery
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GOLD JEWELLERY CONSUMERS MARRIAGES
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GOLD JEWELLERY CONSUMERS Among larg
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GOLD JEWELLERY CONSUMERS RURAL VERS
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GOLD JEWELLERY CONSUMERS Gold jewel
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GOLD JEWELLERY CONSUMERS INDICATIVE
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LUNAR CALENDAR Mumbai (Maharashtra)
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BRANDED JEWELLERY RETAIL CHAINS DIS
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Region/State Gili Tanishq Carbon In
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HALLMARKS In accordance with BIS pr
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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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