WGC sees India sourcing 20% of gold demand domestically by 2047
The World Gold Council says policy reform, mining investment and gold financialisation could raise domestic supply to 20% of India’s annual gold demand by 2047, reducing import reliance and supporting jewellery manufacturing.
What happened
World Gold Council says policy reforms, mining investment and gold financialisation could let India source 20% of its gold demand domestically by 2047,
Key facts
- India could domestically source up to 20% of annual gold demand by 2047
- Annual Indian gold demand: 800-850 tonnes
- 18 composite licences and 6 mining licences issued over 10 years
- Eight states and 14,632 hectares covered
- Blocks contain an estimated 270 tonnes of gold metal
- India currently produces about 1.6 tonnes of gold annually
- Jonnagiri project investment exceeds ₹400 crore
- Jonnagiri mine expected to produce up to 1 tonne annually
- Indian households hold an estimated 31,000 tonnes of gold
- India economy targeted to expand from about $5 trillion to $30 trillion by 2047
Why this matters
Jewellery manufacturers, refiners and mining-linked businesses should assess partnerships and acquisitions that secure domestic supply, expand recycling networks and build India-based processing capability.
What to watch
- Changes to mining leases, exploration rules, royalty structures and environmental-permitting timelines.
- Growth in formal old-gold collection volumes, refinery capacity and hallmarking compliance.
- Gold monetisation scheme participation, gold ETF assets, bullion exchange volumes and household gold mobilisation.
- Announcements of commercially viable mine discoveries, production ramp-ups or state-backed critical-mineral-and-gold investment initiatives.
- Import-duty changes and any widening or narrowing of the domestic gold price premium versus global benchmarks.
- Organised jewellers' disclosures on recycled-gold share, sourcing mix, inventory days and gross-margin stability.
- Large organised jewellers expand buyback, exchange and old-gold recycling programs to secure feedstock and increase customer retention.
- Retail chains deepen partnerships with refiners, bullion banks and digital-gold platforms to build traceable domestic supply pools.
- Jewellery manufacturers invest in recycling, assaying, refining and traceability capacity rather than relying solely on new mine supply.
- Organised retailers market domestically recycled and traceable gold as a trust, sustainability and purity proposition.
- Companies hedge against a transition period in which local sourcing grows but gold-price volatility and import-linked benchmark pricing persist.