Import of Gold
Gold Report - 1
Multi Commodity Exchange of India Ltd
102 A, Landmark, Suren Road, Chakala, Andheri (East), Mumbai - 400 093 Tel: 022 66494000 / 26836016, Fax: 022 66494151 Email - info@mcxindia.com www.mcxindia.com
Table of Contents No 1 2 3 4 Chapter Introduction What makes Gold Special What makes Gold different from other Commodities International Scenario World Supply World Demand World Markets Domestic Scenario Background India and Global Gold Economy Gold as Investment Vehicle Jewellery Recent Developments in India Role of Played by International Authorities A Success Story Istanbul Gold Exchange Treatment of Foreign Currency in Turkey Gold Banking in Turkey International Gold Market Review Gold’s Relative Performance in 2002 Gold Futures in India Why Gold Futures in India Suitability of Gold Futures Likely benefits for Gold Futures Annexure Properties of Gold Uses of Gold Indian Standards Carat/ Hallmarking/ Weighing History of Gold World Gold Production Pre 1840 Gold Mines Country Profiles International Gold Exchange Istanbul Gold Exchange Indian Gold Jewellery Market Features of India’s Gold Economy Recent Research in Gold Market Statistics London Bullion Market Association Gold Supplier Glossary
5
6 7
8 9 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
1. Introduction
Gold is a unique asset based on few basic characteristics. First, it is primarily a monetary asset, and partly a commodity. As much as two thirds of gold’s total accumulated holdings relate to “store of value” considerations. Holdings in this category include the central bank reserves, private investments, and high-caratage jewelry bought primarily in developing countries as a vehicle for savings. Thus, gold is primarily a monetary asset. Less than one third of gold’s total accumulated holdings can be considered a commodity, the jewelry bought in Western markets for adornment, and gold used in industry. The distinction between gold and commodities is important. Gold has
Multi Commodity Exchange of India Ltd
102 A, Landmark, Suren Road, Chakala, Andheri (East), Mumbai - 400 093 Tel: 022 66494000 / 26836016, Fax: 022 66494151 Email - info@mcxindia.com www.mcxindia.com
Table of Contents No 1 2 3 4 Chapter Introduction What makes Gold Special What makes Gold different from other Commodities International Scenario World Supply World Demand World Markets Domestic Scenario Background India and Global Gold Economy Gold as Investment Vehicle Jewellery Recent Developments in India Role of Played by International Authorities A Success Story Istanbul Gold Exchange Treatment of Foreign Currency in Turkey Gold Banking in Turkey International Gold Market Review Gold’s Relative Performance in 2002 Gold Futures in India Why Gold Futures in India Suitability of Gold Futures Likely benefits for Gold Futures Annexure Properties of Gold Uses of Gold Indian Standards Carat/ Hallmarking/ Weighing History of Gold World Gold Production Pre 1840 Gold Mines Country Profiles International Gold Exchange Istanbul Gold Exchange Indian Gold Jewellery Market Features of India’s Gold Economy Recent Research in Gold Market Statistics London Bullion Market Association Gold Supplier Glossary
5
6 7
8 9 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
1. Introduction
Gold is a unique asset based on few basic characteristics. First, it is primarily a monetary asset, and partly a commodity. As much as two thirds of gold’s total accumulated holdings relate to “store of value” considerations. Holdings in this category include the central bank reserves, private investments, and high-caratage jewelry bought primarily in developing countries as a vehicle for savings. Thus, gold is primarily a monetary asset. Less than one third of gold’s total accumulated holdings can be considered a commodity, the jewelry bought in Western markets for adornment, and gold used in industry. The distinction between gold and commodities is important. Gold has