Production of gold in India

Gold producing countries:

• South Africa
• United States
• Australia
• China
• Canada
• Russia
• Indonesia
• Peru
• Uzbekistan
• Papua new Guinea
• Ghana
• Brazil
• Chile
• Philippines
• Mali
• Mexico
• Argentina
• Kyrgyz tan
• Colombia

              The largest producer of Gold is South Africa. It accounts for an estimated 16.5 million ounces of Gold annually in the next 3 years; and produces almost 20 percent of the world's bullion. Hoping to control its declining production trend due to the extended weakness in the price of Gold in recent years, the South African Gold Industry is working in the direction to lower its production costs and

boost productivity. The second largest producer of gold is United States. It accounts for an estimated 10.4 million ounces of Gold annually by 2001 and produces about 12.5% of the world's Gold supply. Due to the expansion US Mining operations, and because of the reduced profitability due to the low price of Gold, reduction in mine production is expected by 9% by the US during the next three years. The third largest producer of gold is Australia with an estimated 9.6 million ounces annual production by 2001.

 

           Nearly 45% of the world Gold supply was produced by the top three producing nations. Latin America (Mexico, Peru, Chile and Brazil) and the Far East producers are expected to increase production in  the next three years. Though these countries add up to a very small share in world's total supply, their production increase will counteract some of the production cuts made by the top three, big producers.

Production of gold in India:

             Gold holdings in India are estimated to be in the range of 10000-13000 tonnes and are predominantly private. India's gold consumption is 25% of world's total gold production. India has a very limited gold production of around 9 tonnes in 2002. The domestic production of the gold is very limited which is around 9 tonnes in 2002 including 2.940 tonnes from mines and 6.203 tonnes from Birla Copper. More than 60% of Indian consumption is met through imports. The availability of recycled Gold is price sensitive and the fabricated old Gold scraps is price elastic and was estimated to be near 450 tonnes in 2002 almost more than 40%