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Gold has always been admired by women and they have a special affinity towards gold jewellery as it signifies wealth and status in the Indian society.
The World Gold Council stated that Indian women collectively own around 24,000 tonne gold, which accounts for about 11% of the world’s total gold reserves as jewellery.
Gold is integral part of Indian weddings and it holds a significant place in the festivities. Imagining Indian weddings sans gold is almost impossible.
Due to this cultural and traditional significance, Indian women hoard substantial amount of the precious metal and even pass it down to the next generations.
Owing to these factors, India has become a global leader in gold ownership, household gold in specific.
The total gold owned by Indian women exceeds the gold reserves of the top five countries together. The United States holds 8,000 tonne of gold, Germany 3,300 tonne, Italy 2,450 tonne, France 2,400 tonne and Russia 1,900 tonne.
Even if the gold reserves of all the countries are combined, they fall short of the gold owned by women in India.
A report from the Oxford Gold Group, Indian households hold a total of 11% of the world’s gold, more than the that combined of the US, IMF, Switzerland and Germany.
Compared to the women in north India, south Indian women are more particular in owning gold jewellery. The southern India holds 40% of India’s total gold, with Tamil Nadu alone accounting for 28% of it.
A 2020-21 study by the World Gold Council indicates that Indian households own between 21,000 and 23,000 tonne of gold. By 2023, this figure had risen to 25,000 tonne, or over 25 million kgs of gold. This gold reserve plays a significant role in supporting India’s economy, accounting to 40% of the country’s GDP.
Tags Indian women
