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With gold prices fluctuating wildly, Indian consumers are finding creative ways to satisfy their love for the precious metal during the festive season. Rather than relying on fresh imports, many are turning to the gold reserves they already possess. India, the world's second-largest consumer of gold after China, imports around 700-900 tonnes of the yellow metal annually.
However, recent data suggests that household gold reserves could provide a solution to meet demand without additional imports. Indian households collectively hold an estimated 25,000 to 50,000 tonnes of private wealth in gold. The decline in gold imports in August - down 45% from the previous month and 58% from a year earlier - indicates that domestic supplies are sufficient to meet expected demand.
Soaring gold prices and increased import duties have prompted consumers to utilize their existing gold holdings to offset costs. Old-gold exchanges have become increasingly popular, contributing over 40% of the jewellery revenue for major retailers in the first quarter of FY27. The trend gained momentum following Prime Minister Narendra Modi's appeal to curb gold purchases.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- India’s gold chest gives imports a run for money economictimes.indiatimes.com
