A recent report from the World Gold Council reveals that Indian women collectively own approximately 24,000 tons of gold, accounting for about 11% of the world’s total gold reserves in jewelry form. This remarkable figure underscores the deep-rooted cultural significance of gold in India, particularly among women, who have a longstanding connection to gold jewelry.
Gold plays a central role in Indian celebrations, especially weddings, where it is considered an essential part of the festivities. From intricate bridal jewelry to simple gold bars, the gifting of gold is a tradition that has been passed down through generations. This cultural affinity has led to substantial gold accumulation among Indian women, making India a global leader in household gold ownership.
Comparison with Global Gold Reserves
The volume of gold owned by Indian women is striking, surpassing the combined gold reserves of the top five countries. For context, the United States holds 8,000 tons, Germany 3,300 tons, Italy 2,450 tons, France 2,400 tons, and Russia 1,900 tons. Even when considering the combined reserves of these nations, they still fall short of the gold owned by women in India. According to the Oxford Gold Group, Indian households collectively hold 11% of the world’s gold, exceeding the reserves of the United States, the International Monetary Fund (IMF), Switzerland, and Germany.
Regional Insights and Economic Impact
Women in South India are particularly significant in terms of gold ownership, with the southern region holding 40% of India’s total gold. Tamil Nadu alone accounts for 28% of this gold. A study by the World Gold Council for 2020–21 indicated that Indian households owned between 21,000 and 23,000 tons of gold, a figure that has since increased to approximately 24,000 to 25,000 tons by 2023, representing over 25 million kilograms of gold. This substantial gold reserve plays a vital role in supporting India’s economy, covering 40% of the nation’s GDP.
In accordance with India’s Income Tax laws, married women are permitted to hold up to 500 grams of gold, while unmarried women can own up to 250 grams. In contrast, men are restricted to a maximum of 100 grams. This disparity reflects the significant cultural value placed on women’s ownership of gold, symbolizing wealth and serving as a safeguard for the future.
