Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

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CONSEQUENCES OF THE GOLD (CONTROL) ACT • Instead of controlling the gold industry the Act drove the industry underground. The constraints were considered so excessive that both the trade and the public dealt only in cash, and most transactions were not officially recorded. • Growth in the number of gold jewellery retail outlets was inhibited over 27 years. Obtaining a licence to open a new retail jewellery outlet was difficult. The small number of retail outlets (around 16,000 in 1989) was extremely low in the context of India’s 3,800 cities and towns. • The trade remained fragmented. No large gold-related business could emerge. As gold jewellery retailers were licensed to operate from a single location, it was not feasible to establish a chain of retail outlets, unless managed by a family member who still had to obtain a licence in his own right. Establishing a large jewellery fabrication factory or a nationwide wholesaling company was also impractical. Throughout the period, the businesses were small and family-owned. • As gold could be owned only in the form of jewellery (not bars), gold jewellery became the vehicle for investment. Apart from well-crafted jewellery, much crude jewellery (e.g. simple rings and bangles) was fabricated (for sale at a very low mark-up) so that it could be used more easily as “money”. • As the gold industry relied entirely on unofficial gold imports, the domestic gold price was highly inflated. Throughout the period, the domestic gold price was usually 50% or more above the prevailing international gold price. • The public’s passion for owning gold was reinforced. 34 ROLE OF INDIAN GOVERNMENT Owning gold and gold jewellery in large quantities became the aspiration of most people as the only way to protect their savings during a period of high inflation and rupee devaluation. The Reserve Bank of India has its headquarters in Mint Road, Mumbai. AN INTRODUCTION TO THE INDIAN GOLD MARKET
ROLE OF INDIAN GOVERNMENT LICENSED GOLD DEALERS AND CERTIFIED GOLDSMITHS IN 1989 State/UT Collectorate Licensed Dealers Certified Goldsmiths Population in 1991 Number % split Number % split Millions % split NORTH Uttar Pradesh Allahabad 267 6,603 Kanpur 263 9,189 Meerut 260 5,870 790 21,662 Rajasthan Jaipur 236 20,611 Chandigarh Chandigarh 956 17,002 Delhi New Delhi 895 13,881 Jammu & Kashmir - - - Sub-total 2,877 17 73,156 19 241 28 WEST Maharastra Aurangabad 519 5,822 Bombay 1,885 15,881 Nagpur 320 4,535 Pune 532 7,530 3,256 33,768 Madhya Pradesh Indore 305 10,331 Gujarat Ahmedabad 562 10,225 Baroda 342 5,548 Rajkot 668 19,137 1,572 34,910 Goa Goa 163 1,650 Sub-total EAST 5,296 32 80,659 21 187 22 Bihar Patna 343 8,597 West Bengal Bolpur 317 12,960 Kolkata I 722 33,370 Kolkata 2 184 10,196 1,223 56,526 Orissa Bhubaneshwar 115 13,757 Assam Shillong 44 6,793 Sub-total 1,725 10 85,673 23 208 25 SOUTH Andhra Pradesh Guntur 560 15,233 Hyderabad 611 18,802 1,171 34,035 Tamil Nadu Coimbatore 744 15,357 Madras 736 10,044 Madurai 967 21,845 Trichy 591 10,201 3,038 57,447 Karnataka Bangalore 436 5,799 Belgaum 565 16,059 1,001 21,858 Kerala Cochin 1,554 27,055 Sub-total 6,764 41 140,395 37 200 24 TOTAL INDIA 16,662 100 379,883 100 846 100 Sources: Gold Control Statements No I and II (Numbers at 31 December 1989). The last Gold Control Statements, published in 1990, record that there were only 16,622 licensed dealers (mainly jewellery retailers) and 379,883 certified goldsmiths. The south accounted for 41% of licensed dealers and 37% of certified goldsmiths. AN INTRODUCTION TO THE INDIAN GOLD MARKET 35
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 and 30: ROLE OF INDIAN GOVERNMENT The Depar
Page 31 and 32: ROLE OF INDIAN GOVERNMENT OFFICIAL
Page 33 and 34: ROLE OF INDIAN GOVERNMENT In summar
Page 35: ROLE OF INDIAN GOVERNMENT GOLD CONT
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 and 88:
COIN FABRICATORS A bullion dealer t
Page 89 and 90:
BAR HOARDING Some trade entities in
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BULK DELIVERY OF OFFICIAL GOLD IMPO
Page 93 and 94:
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
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,
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JEWELLERY FABRICATORS JEWELLERY WHO
Page 109 and 110:
TRADITIONAL JEWELLERY RETAILERS Sta
Page 111 and 112:
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
Page 119 and 120:
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
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
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HALLMARKING Most jewellery in the W
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SOURCES OF GOLD BULLION Jewellery e
Page 141 and 142:
Location US dollars in millions % S
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Plain gold jewellery Location US$ m
Page 145 and 146:
INDUSTRIAL GOLD USAGE Since the rep
Page 147 and 148:
INDUSTRIAL GOLD USAGE IMITATION GOL
Page 149 and 150:
MUMBAI GOLD PRICES Indian gold pric
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MUMBAI GOLD PRICES INDICATIVE DIFFE
Page 153 and 154:
MONTHLY 2000 - 2001 2000 MUMBAI LON
Page 155 and 156:
PRICING AND PROFITABILITY Bank impo
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Recycling of old gold scrap and bar
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JEWELLERY WHOLESALERS Jewellery who
Page 161 and 162:
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
Page 169 and 170:
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
Page 189 and 190:
REFINERS AND COIN FABRICATORS WEST
Page 191 and 192:
BIBLIOGRAPHY Agricultural Statistic
Page 193 and 194:
ABOUT GRENDON INTERNATIONAL RESEARC
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