India's gold demand over the past 10 yrs
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Of late, gold has become a pain for policymakers in India. Finance minister P Chidambaram blames gold imports for the widening current account deficit.
Their fears are compounded as the yellow metal’s price had come under pressure after the dollar strengthened recently. The demand for gold surges in India every time there is a price correction.
Are the policymakers and regulators justified in making gold the scapegoat for India’s economic problems?
Though there’s no clear answer to that, one thing is certain, India’s love affair with gold just grows stronger year-on-year.
We look at the rising demand for gold in India and how it has increased in the last decade.
Source: World Gold Coucil
Year: 2003
India Gold Demand (in tonnes): 528
Value ($/billion): 6.2
Value (Rs/billion): 287
Gold price ($/oz, Annual Avg): 363.3
Gold price (Rs/10g, Annual Avg): 5,435.1
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Image: A man stands in front of a billboard advertising jewellery in the southern Indian city of Chennai.
Photographs: Babu Babu/Reuters
India's gold demand over the past 10 yrs
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Year: 2004
India Gold Demand (in tonnes): 617.7
Value ($/billion): 8.1
Value (Rs/billion): 367.9
Gold price ($/oz, Annual Avg): 409.2
Gold price (Rs/10g, Annual Avg): 5,955.6
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Image: An employee poses with gold biscuits inside a jewellery showroom in Mumbai.
Photographs: Danish Siddiqui/Reuters
India's gold demand over the past 10 yrs
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Year: 2005
India Gold Demand (in tonnes): 709.1
Value ($/billion): 10.1
Value (Rs/billion): 446.8
Gold price ($/oz, Annual Avg): 444.5
Gold price (Rs/10g, Annual Avg): 6,301.3
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Image: A man speaks over his mobile phone as customers buy gold at a jewellery showroom in the southern Indian city of Chennai.
Photographs: Babu Babu/Reuters
India's gold demand over the past 10 yrs
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Year: 2006
India Gold Demand (in tonnes): 712
Value ($/billion): 13.8
Value (Rs/billion): 626.2
Gold price ($/oz, Annual Avg): 603.8
Gold price (Rs/10g, Annual Avg): 8,796
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Image: A customer looks at jewellery at a gold shop in Yangon.
Photographs: Soe Zeya Tun/Reuters
India's gold demand over the past 10 yrs
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Year: 2007
India Gold Demand (in tonnes): 771.1
Value ($/billion): 17.3
Value (Rs/billion): 711.2
Gold price ($/oz, Annual Avg): 695.4
Gold price (Rs/10g, Annual Avg): 9,223.7
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Image: A saleswoman stands behind the showcased gold necklaces at a jewellery showroom in Agartala, capital of India's northeastern state of Tripura.
Photographs: Jayanta Dey/Reuters
India's gold demand over the past 10 yrs
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Year: 2008
India Gold Demand (in tonnes): 823.2
Value ($/billion): 23.1
Value (Rs/billion): 999.7
Gold price ($/oz, Annual Avg): 872
Gold price (Rs/10g, Annual Avg): 12,142.6
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Image: An employee displays a gold necklace.
Photographs: Yuriko Nakao/Reuters
India's gold demand over the past 10 yrs
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Year: 2009
India Gold Demand (in tonnes): 642.4
Value ($/billion): 20
Value (Rs/billion): 970.7
Gold price ($/oz, Annual Avg): 972.4
Gold price (Rs/10g, Annual Avg): 15,111.3
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Image: A woman looks at jewellery while shopping at a bazaar.
Photographs: Morteza Nikoubazl/Reuters
India's gold demand over the past 10 yrs
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Year: 2010
India Gold Demand (in tonnes): 1,006.3
Value ($/billion): 39.6
Value (Rs/billion): 1,811
Gold price ($/oz, Annual Avg): 1,224.5
Gold price (Rs/10g, Annual Avg): 17,997.3
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Image: A shopkeeper displays gold jewellery at a shop in Jammu.
Photographs: Mukesh Gupta/Reuters
India's gold demand over the past 10 yrs
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Year: 2011
India Gold Demand (in tonnes): 986.3
Value ($/billion): 49.8
Value (Rs/billion): 2,330.1
Gold price ($/oz, Annual Avg): 1,571.5
Gold price (Rs/10g, Annual Avg): 23,624.1
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Image: Gold biscuits at a jewellery showroom in Mumbai.
Photographs: Danish Siddiqui/Reuters
India's gold demand over the past 10 yrs
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Year: 2012
India Gold Demand (in tonnes): 864.2
Value ($/billion): 46.4
Value (Rs/billion): 2,475.02
Gold price ($/oz, Annual Avg): 1,669
Gold price (Rs/10g, Annual Avg): 28,639.4
Image: A model displays gold jewellery at a show in the southern Indian city of Hyderabad.
Photographs: Krishnendu Halder/Reuters
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