India can source 20% of gold demand domestically by 2047, says WGC

According to a report from the World Gold Council, India has the capacity to meet up to 20% of its annual gold demand through domestic mining by 2047. The government has issued 18 composite licenses and six mining licenses across eight states, covering 14,632 hectares that contain an estimated 270 tonnes of gold metal. Despite currently producing only 1.6 tonnes of gold annually, the country's first large-scale private gold mine since independence, the Jonnagiri gold project, began production in 2026 and is expected to produce up to one tonne of gold per year.

Sachin Jain, Regional CEO India at the World Gold Council, stated that with continued policy reforms, investments, and industry collaboration, India can emerge as the "Jeweller of the World." The report also highlights the potential for Indian households to put gold wealth to productive use through transparent and technology-enabled mechanisms, which could improve liquidity and deepen capital markets.

To support these recommendations, the Council has formed three task forces focused on gold financialization, mining and manufacturing, and consumer development, and proposed the creation of a National Gold Board to centralize policy coordination. Additionally, the Council has launched the Indian Association for Gold Excellence and Standards and plans to establish a Global Gold Innovation Centre in India.