$10.3 BN Indian Gold Jewellery exports by 2015

AS per Associated Chambers of Commerce and Industry of India (ASSOCHAM) India�s gold jewellery exports are poised to rise to Rs.315 billion ($6.77 billion) by 2010, against its current export size of Rs.175 billion ($3.76 billion). By 2015, Indian gold exports would further accelerate to Rs.479 billion ($10.3 billion).

India will continue to remain the largest consumer of gold while projecting that domestic gold demand is expected to rise to 980.83 tonnes by 2010, and to 1152.64 tonnes by 2015, against the current demand of 800 tonnes. India imported an estimated 443 tonnes of gold during in the first six months of the current fiscal, valued at Rs.271 billion ($5.82 billion). The domestic gold production was estimated at 3.05 tonnes during the financial year 2006, as compared with 3.53 tonnes during 2005.

ASSOCHAM chief Anil K. Agarwal opined that the current level of gold jewellery exports has been sustained by increasing demand in key markets like the Middle East and Hong Kong. India�s export of articles of jewellery to the US has increased from $565 million in 2001 to $1,751 million in 2005. India has thus displaced Italy as the largest exporter of articles of jewellery to the US.

India as of now estimated to hold nearly 14,000 tonnes of gold, accounting for 9 per cent of the world�s cumulative production of around 153,000 tonnes. India�s import percentage of gold bars in 2005 stood at 7.4, while the figure up to July 2006 is 6.6, making it one of the largest purchasers of coins and bars for investments, the report states.