Indian Gold Book:Indian Gold Book - Gold Bars …

1 AN INTRODUCTION TO THEINDIAN gold MARKETMAJOR SPONSORWORLD gold COUNCILCORPORATE SPONSORRAND REFINERY LIMITEDP ublished by Virtual Metals Research & Consulting Ltd and Grendon International Research Pty LtdAN INTRODUCTION TO THE Indian gold MARKETINDUSTRY COMMENTSC omments in letters, faxes and emails include: Reserve Bank of India( an excellent work ),State Bank of India( excellent coverage ) and The Gem & Jewellery Export PromotionCouncil( a wonderful, educative, informative book ). This volume is an absolute boon .. The resulting accumulation of facts and data is of fantasticvalue to anyone who wants to understand the history and nature of the world s most importantmarket for gold .

2 London Bullion Market Association It has provided an excellent basis for the Council and its members to learn about the complexdynamics of the market, and also is a strong foundation for us to review our operational business plans and strategies for the Indian market .. it has added significant value to our operations there. World gold Council It is necessary to understand the intricacy of market structures and the historical sequence ofevents (of the Indian gold market). The book by Nigel Desebrock .. provides a veritable goldmine of authentic information . Tarapore (former Deputy Governor, Reserve Bank of India), Financial Express(India)PHONE AND FAX NUMBERS IN INDIAIn October 2002, Mumbai telephone exchanges eitherprefixed a 2 to the local number, or replaced the firstdigit with 56.

3 Since then, exchanges in other cities havealso made changes. In this publication, while the listedMumbai numbers take the changes into account, numbers for other parts of the country do INTRODUCTION TO THEINDIAN gold MARKETByNIGEL DESEBROCKG rendon International Research Pty LtdPublished in association withGRENDONINTERNATIONALRESEARCHGOLDMARK ETINGCONSULTANTP ublished in December 2002 by Virtual Metals Research & Consulting Ltd andGrendon International Research Pty Metals Research & Consulting Ltd100 Ashmill Street, London NW1 6RA, United KingdomTel: 44-20-7487 3600 Fax: 44-20-7224 4527 Email: International Research Pty Ltd33 Alexandra Road, East Fremantle, WA 6158, AustraliaTel: 61-8-9319 2171 Fax: 61-8-9319 2154 Email: International Research Pty Ltd for Grendon International Research TrustIncorporated in Western AustraliaAustralian Business Number (ABN): 79 486 548 064 Australian Company Number (ACN): 009 424 686 The publication is the outcome of a joint project by Virtual Metals Research & Consulting Ltd ( Virtual Metals ) andGrendon International Research Pty Ltd ( GIR ).

4 Grendon International Research Pty LtdISBN 0-9750147-0-6 The publication is protected by international copyright law. All rights are reserved. Apart from fair dealing for the purposes of private study, criticism or review, no part may be reproduced, stored in a retrieval system, or transmitted in anyform by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of thecopyright owners. However, brief extractsmay be reproduced by gold industry entities without formal permission but onlywith the full and appropriate citing of the original source and a specific reference to the publishers as follows: Source: Grendon International Research/Virtual MetalsAlthough GIR, as the author and copyright owner, has made all reasonable efforts to ensure that the information was accurate at the time of publication, there may be inadvertent errors and omissions and a lack of accuracy or correctness.

5 Itmakes no representation or warranty, express or explicit, as to the accuracy or completeness of the information. The publication is not and cannot be construed as an offer to sell, buy or trade any securities, equities, commodities or relatedderivative products, and the publication in no way offers investment advice. Virtual Metals, GIR and their employees accept no liability for any direct, special, indirect or consequential losses or damages, or any other losses or damages of whatever kind, resulting from whatever action or cause through the use of anyinformation obtained directly or indirectly from the information in the publication.

6 Virtual Metals and GIR also have no obligation to inform recipients or readers if, in the future, the information contained in the publication is modified or corrected. Circulation of this publication is limited to leading gold industry entities. Copies are subject to should be directed as follows:Within India: Contact WGC India (Mumbai and Chennai).Rest of world: Contact Virtual Metals (London).Designed by Grendon International Research Pty photograph by Harmony gold Mining Company Ltd, South and layout by Groupacumen Pty Ltd, Perth, by Scott Print Ltd, Perth, INTRODUCTION TO THE Indian gold MARKETAN INTRODUCTION TO THE Indian gold MARKET2 MAJOR SPONSORCORPORATE SPONSORTRADE SUPPORTAn Introduction to the Indian gold Market has relied greatly on the support of gold -related organisations and businesses that kindly provided information and government-related organisations and departments14 banks and other official bullion importers31 bullion dealers.

7 Refiners and coin fabricators114 jewellery fabricators, wholesalers and retailers16 other gold -related entitiesConsultant in IndiaMadhusudan DagaINDUSTRY SUPPORTAN INTRODUCTION TO THE Indian gold MARKET3AN INTRODUCTION TO THE Indian gold MARKETThis publication, together with the comprehensive analytical study, India s Golden Era,The Age of Kaliyug, from which it has been extracted, came about when the gold mining companies that underwrite and sponsor Virtual Metals Research & Consulting Ltdasked a seemingly simple question. Would they still be able to sell their ten-tola barsinto India in ten years time?

8 It seemed bizarre that, despite India being the world slargest consumer of gold and thus of vital importance to the global gold business, theworld s understanding of the domestic gold industry proved superficial. At the sametime, conventional wisdom seemed to insist that India was a bottomless pit into whichvast quantities of gold would continue to disappear, never to be seen by the global goldmarket again. Was this true? Having thus been commissioned Virtual Metals, in partnership with Grendon InternationalResearch, set off for India to find out at first hand what actually happens there, how,where and why it happens and if it will continue to happen in the future.

9 The fruits ofthese months of labour are, firstly, the analytical report The Age of Kaliyugwhich contains not only a wealth of trade-related information and analysis by GrendonInternational Research but also an extensive macro analysis by Virtual Metals of the economic, social and political factors driving the Indian gold market, as well as recommendations; secondly, the publication in your hand, An Introduction to the IndianGold Market. It is Virtual Metals stated philosophy to support the precious metals markets whereverpossible and to actively seek ways of giving something back to the industry that we allrely upon.

10 Through sponsorship, Virtual Metals and Grendon International Research aredelighted to be able to share freely a sizeable proportion of the project s basic the World gold Council as the major sponsor and Rand Refinery Limited as thecorporate sponsor, the publication of An Introduction to the Indian gold Marketcould nothave been funded, so our thanks go to them for their support and generosity. The overall project is indebted to the foresight and vision of the underwriters and sponsorsof Virtual Metals: gold Fields Ltd, Harmony gold Mining Company Ltd, Western Areas Ltdand Barrick Mining Ltd. To acquire a copy of the comprehensive analytical report India s Golden Era TheAge of Kaliyugplease contact Virtual Metals in London.