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Study of Gold Etf
AN INTRODUCTION TO THE

INDIAN GOLD MARKET

MAJOR SPONSOR
WORLD GOLD COUNCIL
CORPORATE SPONSOR
RAND REFINERY LIMITED
Published by Virtual Metals Research & Consulting Ltd and Grendon International Research Pty Ltd

AN INTRODUCTION TO THE INDIAN GOLD MARKET
INDUSTRY COMMENTS
Comments in letters, faxes and emails include: Reserve Bank of India (“an excellent work”),
State Bank of India (“excellent coverage”) and The Gem & Jewellery Export Promotion
Council (“a wonderful, educative, informative book”).

“This volume is an absolute boon … The resulting accumulation of facts and data is of fantastic value to anyone who wants to understand the history and nature of the world’s most important market for gold.”
London Bullion Market Association

“It has provided an excellent basis for the Council and its members to learn about the complex dynamics of the market, and also is a strong foundation for us to review our operational business plans and strategies for the Indian market … it has added significant value to our operations there.”
World Gold Council

“It is necessary to understand the intricacy of market structures and the historical sequence of events (of the Indian gold market). The book by Nigel Desebrock … provides a veritable gold mine of authentic information”.
S.S. Tarapore (former Deputy Governor, Reserve Bank of India), Financial Express
(India)

PHONE AND FAX NUMBERS IN INDIA
In October 2002, Mumbai telephone exchanges either prefixed a “2” to the local number, or replaced the first digit with “56”. Since then, exchanges in other cities have also made changes. In this publication, while the listed
Mumbai numbers take the changes into account, numbers for other parts of the country do not.

AN INTRODUCTION TO THE

INDIAN GOLD MARKET

By
NIGEL DESEBROCK
Grendon International Research Pty Ltd

GRENDON
INTERNATIONAL
RESEARCH
GOLD
MARKETING
CONSULTANT

Published in association with

AN INTRODUCTION TO

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