the evergreen metal, is not only a store of value but also revered and
treasured in India. No doubt, the cummulative stock of gold in India is
estimated at around 14000 tons (a whooping Rs. 8,40,000 crores at current
prices!!!). India is also the largest importer of gold. Till recently, only an
insignificant portion of the gold is available for trade and productive
purposes. However, a lot of structural changes have happened of late,
triggering an environment for a sizeable increase in use of gold for productive
purposes. The policy changes of the government in so far as the imports;
introduction of gold futures; innovative gold-based investment products;
increasing concensus on the gold refining; and customer education on quality
are some of the important ones.
Viewed from any perspective, India has the potential to emerge as the World
market for Gold. India Gold Convention 2004 provides
a forum to deliberate, discuss and define the action agenda that would catapult
India into achieving such coveted status as the global market for gold.