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Informist, Tuesday, Aug. 4, 2026

 

--WGC Jain: Believe 20% of Indian gold demand can be mined locally

--CONTEXT: World Gold Council India CEO Sachin Jain speaking in Mumbai 

--WGC Jain: Can increase India's gold exports to 500 tn by 2047 

--WGC Jain: Working on a project to propel gold mining in India

 

MUMBAI – World Gold Council has proposed the creation of a National Gold Board in India as an apex platform to coordinate with stakeholders, align policy, and monitor regulations, among other things. The council has proposed a "Gold Innovation Centre" to accelerate research, capability building, and technology adoption, among others, in a report titled "Swarnim Udaan 2047".

 

The initiative seeks to place India as a global hub for gold by promoting local mining, increasing exports, enabling greater financialisation, and revamping gold jewellery for the modern consumer. Speaking at the launch of the report, WGC Regional Chief Executive Officer for India Sachin Jain said the report and proposals have been created after working with several ministries and industry partners like the India Bullion Jewellers Association and the Gem and Jewellery Export Promotion Council.

 

"We believe that if the right levers are pressed, about 20% of the gold that we consume in India will come from our own gold... our own gold getting mined, giving it to consumers, being a part of export and everything else. It also brings and opens up a whole communication around the environment, around the sticky foreign direct investment that will come into the mining sector...," Jain said. He said India, which is a gold-importing nation, could export around 500 tonnes of gold by 2047 and become one of the top exporters of the precious metal. The council is working on a project to propel gold mining in India.

 

WGC has formed designated task forces for these initiatives. It aims to mobilise dormant gold stock through a revamped monetisation and recycling infrastructure. It wants to advance gold financialisation through higher retail participation, supported by favourable tax and regulatory reforms. However, there are challenges to these plans, such as limited participation from pension funds and insurers. WGC also said ambiguity around goods and service tax is slowing the adoption of electronic gold receipts.

 

Asked if India is ready to lead in gold manufacturing, Jain said, "I think we are ready to go. If you look at the global landscape right now, certain countries are getting restrictions, like America is imposing so much of different ways of not levelling the field, actually we will be the favourite of this. If you look at the taxation that are imposed on countries that are currently exporting gold, to me, this is actually the golden time for gold to be exported."  End

 

Reported by Ashutosh Pati and Abhijit Doshi

Edited by Shubhayan Bhattacharya

 

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