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31.7.09


India is the world’s largest consumer of gold. Indians buy approximately around 800 tonnes of gold every year. India is also the largest importer of the yellow metal; last year India imported around 400 tonnes of gold.
China last week announced that the country has 1,054 tons of gold in its state reserves. India is in the fourteenth position with 357.7 tons of Gold reserves .The economic meltdown that the world is reeling under has hit global powers and poor nations alike. Even as the super power United States struggles hard with its plunging economy and unemployment, analysts have been saying that this century belongs to the Asian giants—China and India.
China and India are neighbours, and have been developing their economies aggressively through a series of economic liberalization programs all these years. In many areas and industries, both countries compete globally. While in industrial production China beats India, in information technology India has been a big success story. But not many analysts have compared where India and China stand when it comes to the hottest commodity in the world—gold.A few years ago China overtook South Africa in gold production. And, now China may soon overtake India in gold consumption also.
That is the new trend in China, which has seen a surge in gold buying in 2008. According to World Gold Council data, China's demand for gold for investment has tripled in 2008 and could rise further this year.
China has been the world's second-largest gold consumer after India till now. But if the present trend in China continues, it may leave India far behind soon. China consumed 395.6 tonnes of bullion in 2008 for jewellery and investment, or around 14 per cent of global demand, up from 327.8 tonnes in 2007.
India's total bullion consumption dropped 14 per cent to 660.2 tonnes in 2008, of which net retail investment slipped to 190.5 tonnes from 217.5 tonnes in 2007.
Now let us come to some crucial questions? Who is the bigger guy in gold? China or India? India currently produces hardly 0.4% of its gold consumption despite having 9% of global gold reserves under the country's land mass. Though private entrepreneurs have come forward for reconnaissance, hardly less than 1% of them have come up to mining stage. This is mainly for want of latest technology, high risk capital etc.
the Chinese government announced that it will increase its underground gold reserves by 800 metric tons and raise production to 290 tons this year. The Chinese government has chalked out plans to encourage the mining industry mergers.

India's total gold holding is between 10,000 tonnes and 15,000 tonnes of which the Reserve Bank of India has only around 400 tonnes. Internationally, the total gold reserves (amount of gold ever mined) is between 125,000 tonnes and 130,000 tonnes, of which roughly 25,000 tonnes is held by various central banks. Most of that is held by the central banks of the United States, Germany, Switzerland, France and Italy.

India is the world's largest consumer of gold. Indians buy approximately around 800 tonnes of gold every year. India is also the largest importer of the yellow metal; last year India imported around 400 tonnes of gold.

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