A Review on Gold Industry in India

Indians adore and admire gold more than any other country so purchasing of gold in India can never stop. Gold is considered as a very good scheme of investment and act as beneficial asset for the family. The Gold sector has been playing an important role in Indian Economy. Gold industry has been contributing 6% to 7% GDP in Indian economy and 15% of total merchandise export. Between January to December 2018, the demand for the Gold in India rose to 760.40 tonnes. The liberalization has also resulted in unorganized to more organised set of sellers which gives greater transparency and better quality in design standards. India’s gems and jewelry sector is the quickest growing industry of the country with the growth rate recorded as approximately 15%. The main reason behind the growth of this industry is because of the domestic consumption during the festive season, wedding season and monsoon performance of harvest. Gold jewelry generally priced higher than bullions as they also include the workmanship charges. Gold is generally traded in future exchanges, where the contract is made between consumer and seller.