India Sees Room for Domestic Gold Mining Boom by 2047
India has the potential to source up to 20% of its gold demand from domestic mining by 2047, according to a World Gold Council report. The country currently imports around 800-850 tonnes of gold annually, but with supportive policy measures, it can meet up to one-fifth of this requirement domestically.
The Government has already issued 18 composite licences and six mining licences across eight States, covering 14,632 hectares. These blocks collectively represent about 146 tonnes of gold-bearing ore containing an estimated 270 tonnes of gold metal. Currently, India produces only around 1.6 tonnes of gold annually.
The Jonnagiri gold project in Andhra Pradesh is the first large-scale private gold mine since Independence and commenced production in 2026. Developed by Geomysore Services with support from Deccan Gold Mines and Thriveni Earthmovers, the project has attracted investment exceeding ₹400 crore and is expected to produce up to one tonne of gold annually.
Sachin Jain, Regional CEO India at the World Gold Council, said that India can emerge as the 'Jeweller of the World' if policy reforms, investments, and industry collaboration continue to gain momentum. He also mentioned that India shares geological similarities with China, which transformed itself from a major importer into the world's largest gold producer over the past two decades.