5 ways India can unlock greater value from Gold, as per WGC

As India gears up to celebrate its 80th Independence Day, the World Gold Council (WGC) has published a vision document reimagining gold's role in India's economic future.

The report titled "Unlocking The Full Potential of Gold Towards Viksit Bharat 2047" draws on leading global practices and insights from policymakers, industry leaders, and market participants to set out a practical roadmap to strengthen the gold ecosystem and enhance its contribution to India’s development by 2047.

"India stands at a defining moment in its economic journey. As the country advances towards the vision of Viksit Bharat 2047, it has a unique opportunity to build on the strengths that have long distinguished it on the global stage while creating new engines of growth for the future," according to Sachin Jain, Regional CEO India, WGC.

The report highlights five ways, or five pillars, for unlocking greater value from gold and accelerating growth across India's gold ecosystem:

1. Promoting "Mine in India"

The domestic production of gold in India has been limited despite significant geological potential.

According to WGC, India possesses approximately 6.88 lakh per sq. km of Obvious Geological Potential (OGP), of which only around 30% has been explored. WCG believes that unlocking this untapped opportunity can strengthen supply resilience, support economic development and reduce import dependence over the long term.

"Recent auctions of gold mining blocks demonstrate the government’s commitment to reserve assets and stores of value, gold is resilient and long–term growth will unlock this potential. Building on this momentum will require targeted reforms that encourage private explorers to convert discoveries into production," the report said.

"Streamlined clearances, enhanced incentives, dedicated financing and adoption of advanced technologies such as AI–enabled exploration and automation can help accelerate mine development and output. Equally important is developing a future–ready workforce by positioning mining as an innovative, technology–driven and sustainable career pathway," it added.

2. Making India “Jeweller to the World”

While India is already among the world’s largest exporters of gold jewellery, the report said a substantial potential remains to strengthen its position in international markets.

"Achieving this ambition requires a targeted strategy focused on identifying and prioritising high–potential export markets across North America, Europe, the Middle East and emerging regions where demand for jewellery continues to grow. Understanding evolving consumer preferences, design trends, quality expectations and distribution channels within these markets will be critical to building sustainable competitive advantage," WGC said.

3. Enabling greater financialisation of gold

Indian households are estimated to be holding over 31,000 tons of gold, valued at nearly $3.4 trillion or ₹314.9 lakh crore. This represents one of the country’s most significant, yet underutilised economic resources.

According to WGC, mobilising even a small share of these holdings could unlock significant economic value by deepening financial markets, enhancing liquidity and strengthening capital formation.

"While the Gold Monetisation Scheme (GMS) laid the foundation for bringing household gold into the formal economy, the next phase of financialisation must be driven by an integrated ecosystem that connects GMS, recycling networks, Electronic Gold Receipts (EGRs), digital gold, bullion banking and gold–backed financial products," the report said.

4. Reimagining gold jewellery for the modern consumer

India's gold jewellery demand in 2025 was worth nearly ₹4.5 lakh crore. The report said that India’s gold jewellery market is at an inflection point.

"While tradition and trust continue to influence purchase behaviour, structural shifts – driven by rising consumer aspirations, digital adoption and regulatory reforms – are creating new opportunities to expand demand, deepen engagement and build a more resilient ecosystem," WGC said.

"Consumers today expect convenience and personalisation in equal measure, pushing the industry to innovate beyond its traditional strengths. At the same time, the government’s hallmarking push, the rise of organised retail and the evolving role of gold as a lifestyle product can redefine the contours of the market, with implications across a value chain that supports substantial value," it added.

5. Unlocking gold’s potential as a strategic national asset and mineral

The demand for advanced materials to enable next–generation industries is expected to grow significantly as India advances towards its Viksit Bharat ambitions.

Gold is already a critical input across semiconductors, electronics, biotechnology, aerospace, diagnostics and artificial intelligence, where its unique properties support high–performance and precision applications. Moreover, as per the report, India's semiconductor ecosystem is expected to be worth $750 billion by 2047, which will create significant demand for advanced materials such as gold across strategic industries.

"For India, harnessing gold’s broader strategic role can unlock value across the entire ecosystem. A more integrated policy approach could strengthen resource security, expand domestic mining and refining capabilities, increase investment across the value chain, support innovation and advanced manufacturing, enhance supply chain resilience and increase participation in high–value global value chains," the report said.

"Moving beyond a consumption–centric view of gold and integrating it more fully into India’s financial strategies will allow gold to become a stronger enabler of economic resilience, competitiveness and long-term prosperity," it added.