WGC pushes strategic-mineral tag for gold to cut import bill

In a report titled 'Swarnim Udaan 2047', the World Gold Council said 10-15% of India's annual gold demand should be met through domestic mining by 2047.

Jain said central banks are expected to keep buying gold as a long-term strategic asset amid geopolitical uncertainty, rising global debt and concerns over confidence in the US dollar.

He also reiterated the need to monetise India's vast household gold holdings. According to World Gold Council estimates, Indian households hold roughly 31,000 tonnes of gold, including about 20,000 tonnes in jewellery and nearly 6,000 tonnes in bars and coins. The value of this gold is approximately Rs 314.9 lakh crore.

Monetising even 1% of that idle stock annually could substitute gold imports worth Rs 3.1 lakh crore, the report added.

Jain said simplifying and digitising the gold monetisation framework, particularly for bars and coins, could bring a significant portion of idle gold into productive economic use.

On cryptocurrencies, Jain said digital assets would continue to exist but serve a different purpose from gold. The council is working on technology and tokenisation infrastructure to make gold more fungible, authentic and accessible around the clock, he said.