Creating a marketing plan for gold monetization schemes

Abstract

Gold is more than just a precious metal for most individuals in India – they are brought up in a culture which hold the metal with high regard. This fascination with the metal can be observed in the Gold consumption of the nation. India is the second largest consumer of Gold (25% of global demand), which is seeing an increasing trend year on year. However, domestic mine production of Gold is only about 1%, making the nation largely dependent on import of Gold (~89%) to meet the high demands. To reduce this dependence on import of Gold, it is necessary to boost domestic supply, which can happen through several ways: the ‘Make in India’ initiative for mining, recycling and refining and increased monetization of Gold which is sitting in Indian households. It is estimated that 23,000- 24,000 tons of gold lies unused with the households and religious institutions throughout the nation.