Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

IMPORTED GOLD BARS
The 10 tola bar (3.75 oz) dominates the Indian gold bullion market.
More than 95% of gold imported for the domestic market is in the form of these small cast bars, widely known as TT
bars or biscuits.
Most imported TT bars are produced by 8 major gold refiners in Switzerland, South Africa, Australia and the United
Kingdom.
In recent years, India has imported 5 – 6 million TT bars annually.
10 TOLA BARS
Domestic fabricators and retailers rely on TT bars.
The bars enable the trade to buy and sell gold in small quantities, often on a daily basis, in a market where the gold price
cannot be hedged.
A TT bar has a gross weight of 10 tolas, equivalent to 3.75 oz or 116.638 g.
At the standard millesimal gold purity of 999, its fine gold content is 3.746 oz.
The fine gold content at other purities is defined by the London Bullion Market Association (LBMA): 3.731 oz (995) and
3.750 oz (999.9).
As an Indian unit of weight, the tola has been used since 1836, when England’s East India Company administered much of
India. Tola is a Hindi word, derived from the Sanskrit word tula, defined as a balance, scale or weight.
KILOBARS
Kilobars are popular among jewellery exporters.
Jewellery exporters tend to be large fabricators. They are also able to loan gold at an unfixed price from banks and other
importers such as MMTC Limited. Unlike fabricators for the domestic market, their stock of gold is not exposed to
movements in the gold price during the process of fabrication and sale to overseas customers.
The fine gold content of a kilobar (1000 g) in troy ounces at different purities is defined by the LBMA: 31.990 oz (995),
32.119 oz (999) and 32.148 oz (999.9). Most imported kilobars have a purity of 995.
In recent years, India has imported around 30 – 40,000 kilobars annually.
The standard millesimal purity of TT bars is 999.
AN INTRODUCTION TO THE INDIAN GOLD MARKET 51