March 4, 2008
As per World Gold Council, India is the largest consumer of gold in the world. This information was given by Shri Sis Ram Ola, Minister of Mines in a written reply in the Lok Sabha.
The import of gold in the last few years has been in the range of 700-800 tonnes per annum. Year wise import of gold, as informed by Director General of Foreign Trade, during last 3 years is as follows:
1) 2004-05 - 782.86 tonnes
2) 2005-06 - 723.79 tonnes
3) 2006-07 - 715.80 tonnes
As per National Mineral Inventory prepared by Indian Bureau of Mines, the total resources of gold ore (primary) in the country are estimated at 390.29 million tones with a metal content of 490.81 tonnes.
Apart from regional exploration of gold undertaken by Geological Survey of India (GSI), detailed exploration for gold in 39 prospects has been done by Mineral Exploration Corporation Limited (MECL) since its inception in 1972.
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