India's Gold Renaissance: From Price-Taker to Price-Maker

India is set to become a major player in the global gold market by bolstering domestic mining to supply 20% of its demand. Industry leaders highlight the shift's potential to stimulate employment and foreign investment, while emphasizing the need for enhanced transparency and ethical sourcing standards.

India is on the brink of transforming from a price-taker to a price-maker in the global gold market, with plans for domestic mining to meet about 20% of its gold demand over the next decade. Industry leaders discussed this at a recent gems and jewellery conference hosted by the Chamber of Commerce of India (CCI).

Sachin Jain, Regional CEO for India at the World Gold Council, indicated that mining would be vital as the country advances towards Viksit Bharat 2047. With future gold mining contributing significantly to domestic supply, India expects an influx of employment and foreign investment in the sector.

However, challenges remain. Experts like Sandeep Kohli from Novel Jewels and Samit Guha from MMTC PAMP India underscored the need for improved transparency and ethical sourcing practices. Current regulatory constraints, such as restrictions on exporting 24-carat bullion, are seen as hurdles in India's path to becoming a global gold hub.

(With inputs from agencies.)