JB Insights
INDIA GOLD CONFERENCE 2024
Fostering insightful discussions; paving the way for collaborations and innovation in the gold industry
The India Gold Conference 2024, held from August 23-25 at Hilton Manyata Business Park, Bengaluru, proved to be a significant event for the global gold industry. Organized by Eventell Global Advisory Pvt Ltd in association with the India Bullion Jewellers Association, the conference brought together over 666 delegates from around the world, including more than 39 sponsors, 22 exhibitors, and 61 distinguished speakers.
The conference kicked off with a grand inaugural ceremony : In attendance were Chief Guest Pralhad Joshi, Union Minister for Consumer Affairs (joined via video link), H.E. Mr. Javier Manuel Paulinich Velarde, Ambassador of Peru to India; Prithviraj Kothari, National President of IBJA; Sakhila Mirza, Deputy CEO of the London Bullion Market Association (LBMA); Sachin Jain, Regional CEO – India – World Gold Council; Vipin Raina, President Marketing – MMTC PAMP India Pvt Ltd and leading players from the gold mining, bullion, jewellery sectors and dignitaries from the global and domestic gold industry.
Their speeches set the tone for the conference, emphasizing the importance of collaboration and innovation in the gold industry.
A special session on gold dore offered deep insights into the refining and processing aspects of gold, followed by the launch of the Self-Regulatory Organization (SRO) for the Indian gold industry, a significant milestone aimed at enhancing the transparency and efficiency of the market.
The conference also featured a roundtable discussion titled “India Gold Market – What Next?” where over eight panelists from various segments of the industry shared their perspectives on the future of India’s gold market. This discussion was particularly engaging, providing attendees with diverse viewpoints on the challenges and opportunities facing the industry.
Several key sessions were held over the three days, focusing on critical aspects of the gold industry:
India’s Gold Jewellery Industry: Crafting a Vision for the Future – This session explored the evolving trends and future outlook of India’s gold jewellery sector.
Future of Gold Refining – Experts discussed the technological advancements and regulatory changes shaping the refining industry.
Loan Against Gold: Opportunities and Issues – This session delved into the financial aspects of gold loans, highlighting both the opportunities and challenges in this segment.
Gold Investment Demand – A detailed analysis of the current and future demand for gold as an investment was presented, providing valuable insights for investors and market analysts.
Price Outlook on Gold – Industry experts provided their forecasts on gold prices, considering various global economic factors.
Start-ups in Gold and Gold Jewellery Industry – The session spotlighted innovative start-ups that are disrupting the traditional gold and jewellery markets, showcasing new business models and technologies.
Overall, the India Gold Conference 2024 successfully provided a platform for industry leaders, experts, and stakeholders to connect, share knowledge, and discuss the future of the gold industry. The conference fostered numerous meaningful discussions, paving the way for new collaborations and developments in the gold market.
As the conference concluded, the anticipation for India Gold Conference 2025 is already building, with the promise of more insightful discussions and networking opportunities.
Jewellers Association, Bengaluru was felicitated at India Gold Conference 2024
JB Insights
India’s ₹361 Lakh Crore Gold Reserve Lies Idle; PM Modi Calls For Recycling To Cut Imports
With An Estimated 32,000 Tonnes Of Gold Sitting Unused In Homes and Temples, The Government Sees A Massive Opportunity To Reduce Imports, Strengthen The Economy, and Build A More Sustainable Gold Ecosystem.
India is sitting on one of the world’s largest untapped gold reserves, with 30,000–32,000 tonnes of gold held by households and temple trusts across the country. Valued at nearly $3.8 trillion (around Rs. 361 lakh crore), much of this gold remains locked away in cupboards, lockers, and vaults, generating little economic value.
Highlighting the importance of this dormant asset, Prime Minister Narendra Modi recently encouraged citizens to consider recycling idle gold rather than relying solely on newly imported supplies. The initiative aims to bring existing gold back into circulation and make better use of resources already available within the country.
The appeal comes at a time when India continues to depend heavily on imported gold to meet domestic demand. During 2025-26, the country spent approximately $72.4 billion (Rs. 6.88 lakh crore) on gold imports, making the precious metal one of the largest contributors to the import bill.
According to experts, increasing gold recycling could deliver significant economic benefits. Every gram of recycled gold reduces the need for an equivalent amount of imports, helping ease pressure on foreign exchange reserves while also supporting efforts to narrow the country’s current account deficit.
Even a small shift could have a substantial impact. Industry estimates suggest that if just 1% of the gold held by households and temples is recycled each year, India’s gold imports could decline by approximately 25% to 30%.
The vast stockpile of idle gold is rooted in India’s longstanding cultural and financial relationship with the metal. For generations, gold has served as a store of wealth, a safeguard during emergencies, and a symbol of family security and prosperity. As a result, many families continue to hold jewellery that is rarely used but seldom sold.
Viewed from a broader perspective, the government sees this dormant gold stock as a valuable domestic resource. Bringing a greater share of it into the formal economy could help reduce dependence on imports, enhance economic stability, and create a more sustainable gold supply chain for the future.
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