Gold in India should work for the economy of the country, contributing to the creation of jobs, upgrading the skills of industry workers, increasing the volume of exports and revenues of the state. This is stated in the review of the prospects for the development of the industry Vision 2020, presented by the World Gold Council (WGC).
Currently, the volume of gold reserves, which is in the hands of the population of the country and in the ownership of churches, is about 220 thousand tons.
"As nations, we need to concentrate on measures that will open up the potential of the gold reserves that are now accumulating in households and make them the basis for the country's development." We need to find a way to monetize the gold accumulated in households, "said Managing Director WGC in India to Somasundaram PR. (Somasundaram PR).
The review notes that for the development of the industry it is necessary to transform the problem of gold accumulation in such a way that it strengthens demand for precious metals, contributes to adding value, creating jobs and, on the whole, beneficially affected the organization of the industry, without violating the supply chain and without affecting the deficit of payment balance, informs WGC.
It is assumed that over the next five years, the number of jobs at all stages of the value chain of gold and its products (processing, retail, sampling and recycling) should double and reach 5 million.
"Forty per cent of the country's gold needs must be met from domestic reserves, sixty per cent from imports and production," the forecast says. "Seventy-five per cent of the gold sold should be standardized and pass through the prosecution." The sampling should be mandatory for all products, the cost which are higher than the established retail value. "
WGC believes that in the next five years, India should try to increase gold jewelry exports fivefold, to $ 40 billion from the current $ 8 billion.