India’s gold investment evolution

Indian Gold Coin: An introduction to

branded gold coins
About the World Gold Council Contents
The World Gold Council is the market development Executive summary 01
organisation for the gold industry. Our purpose is to
stimulate and sustain demand for gold, provide industry I: Benefits of the Indian Gold Coin 03
leadership, and be the global authority on the gold market. Addressing an unmet need 03
Curbing the trust deficit 04
We develop gold-backed solutions, services and products, Driving monetisation 04
based on authoritative market insight and we work with a Enhancing India’s gold financial architecture 05
range of partners to put our ideas into action. As a result, Fostering economic growth 05
we create structural shifts in demand for gold across key
market sectors. We provide insights into the international II: The Survey 06
gold markets, helping people to understand the wealth Distinctive features 08
preservation qualities of gold and its role in meeting the Size and weight 09
social and environmental needs of society. Where to buy 09
When to buy 09
The membership of the World Gold Council includes Key findings 10
the world’s leading and most forward thinking gold
mining companies. III: Appendix  11
1. The global landscape for national coins 11
2. The Nielsen ‘Indian Gold Coin concept’ study 13
About MMTC
MMTC is one of the largest importers of gold and silver in For more information
the Indian sub-continent and supplies gold on loan and on
an outright basis to the exporters, bullion dealers and Please contact:
jewellery manufacturers throughout India. MMTC retails
gold and silver medallions and its own branded sterling World Gold Council
silverware (Sanchi) with showrooms in all the major metro B-6/3, 6th Floor
cities of India. MMTC also markets branded hallmarked Laxmi Towers C-25
gold and studded jewellery duly accredited with the Bureau Bandra Kurla Complex
of Indian Standards(BIS). MMTC was the pioneer in setting Bandra (East), Mumbai 400051
up assay and hallmarking units for testing purity of gold and India
silver. Besides organising major jewellery exhibitions in +91 22 6157 9100
India and abroad, MMTC also has a medallion +91 22 6157 9199
manufacturing unit for minting of gold/silver medallions. info@gold.org

The Indian government has mandated MMTC Ltd.,

A Government of India Enterprise, under the Department
of Commerce, Ministry of Commerce and Industry to
execute the Indian Gold Coin project. These are minted by
the Security Printing and Minting Corporation of India
Limited (SPMCIL) and hallmarked by the Bureau of Indian
Standards (BIS). The World Gold Council is the marketing
associate in this venture to create awareness of the Coin.

About Nielsen
Nielsen Holdings plc (NYSE: NLSN) is a global
performance management company that provides a
comprehensive understanding of what consumers watch
and buy. Consumer research on the Indian Gold Coin
was conducted by Nielsen India Private Limited for the
World Gold Council.

www.nielsen.com

India’s gold investment evolution

Executive summary

Gold coins are intrinsic to gold demand, not just in India, but
across the world. In most countries that have an affinity with
gold however, that relationship is symbolised by a sovereign
gold coin. These coins foster domestic demand, but they are
also widely exported, encouraging economic growth and
driving brand awareness overseas.

Prime Minister Narendra Modi (centre) along with Finance Minister Arun Jaitley (left) and Minister of State for Commerce and Industry,
Nirmala Sitharaman (right) launching the Indian Gold Coin.
(Copyright: Press Trust of India)

Gold is viewed as both an

adornment and an investment,
treasured for its aesthetic beauty and
appreciated as a store of wealth.

India’s gold investment evolution 01

Gold occupies a special place in Indian society. Long The results produced a number of key findings:
revered as an asset to be prized above all others, gold is
interwoven into the fabric of Indian culture and tradition. • There is a clear preference for branded over unbranded
More than perhaps in any other country, gold is viewed coins for every type of consumer.
as both an adornment and an investment, treasured for • Banks and branded jewellers are the preferred channels.
its aesthetic beauty and appreciated as a store of wealth. to purchase coins.
However, India was missing a branded coin until Prime
• The most appealing characteristics of the Indian Gold
Minister Narendra Modi launched the Indian Gold Coin on
Coin are its guaranteed purity, its standard features,
5 November 2015. This launch was highly significant in the
Government backing and the Make in India imprimatur.
evolution of the Indian gold industry.
• The two sections of the population for whom the Indian
The World Gold Council commissioned a study to assess Gold Coin has most appeal are women and experienced
consumer attitudes towards branded coins; the price at gold investors.
which consumers would be prepared to buy branded coins
and potential demand in the urban market. The World Gold
Council’s research took place in 2015, prior to the release
of the Indian Gold Coin, which is the first branded gold
coin to be introduced in India.

The Indian Gold Coin is available

in 5 gram or 10 gram coins or
a 20 gram bar.

India’s gold investment evolution 02

I: Benefits of the Indian Gold Coin

Despite India’s long and intimate affinity with gold, this is the
first time that the country has had its own branded gold coin.
The introduction of a sovereign gold coin in India creates
a national status symbol and it should become a source of
national pride.

Until now Indian consumers wishing to buy coins have
had to rely on medallions, which are not produced by an
official mint and as a result lack uniformity. The Indian
Gold Coin is hallmarked as per Bureau of Indian Standards,
transparently priced and with guaranteed, 24 carat
purity, advanced anti-counterfeit (security) features and
tamperproof packaging.
A branded coin has wider benefits too, increasing
consumer trust in Indian gold products, driving
monetisation and boosting economic growth.
Addressing an unmet need
Many countries have a national branded gold coin
(see Appendix I) particularly those where demand for
gold is strong. An extensive survey conducted for the
Why India needs a gold policy report of the Federation
of Indian Chambers of Commerce and Industry (FICCI)
and the World Gold Council1 had revealed that more than
80% of respondents supported the introduction of an
Indian branded gold coin.
Most favoured a standard coin minted by a trusted source
and they believed that the issuing authority should fix the
coin’s buying and selling price.
Almost 40% of respondents said that they would like to
be able to sell a branded gold coin back to banks and other
financial institutions.

Zaveri Bazaar, jewellery quarter, Mumbai.

(Copyright: World Gold Council)

1 FICCI/World Gold Council, Why India needs a gold policy, 2014.

India’s gold investment evolution 03

Curbing the trust deficit
Controls around gold quality and consumer protection have
historically been relatively light in India. This has affected
the jewellery industry in particular, where undercaratage
has been a persistent problem. It has also created a
widespread lack of trust in the purity of Indian gold, which
has imposed considerable challenges on the Indian gold
export market and made gold less acceptable as collateral
for other productive uses.2
The FICCI/World Gold Council report Why India needs a
gold policy published in December 2014, indicated that a
national branded coin, of uniform price and quality, would
address the trust deficit that exists around the buying and
selling of gold. It would thereby encourage consumers
to make purchases and sales across a wider variety of
channels than at present. And it would encourage banks
and jewellers to buy gold from consumers without having
to melt it down to assess its purity.
A national branded coin,
of uniform price and
quality, would address
the trust deficit that exists
around the buying and
selling of gold.
2 World Gold Council, Hallmarking Report, 2015.
3 FICCI/World Gold Council, Why India needs a gold policy, 2014.
India’s gold investment evolution
Driving monetisation
Encouraging families to treat their gold as an investment
rather than as a passive asset may seem to involve a
significant cultural shift. However, evidence suggests that
Indian households have less of a sentimental attachment
to gold than they used to and that they may be more
willing to monetise their gold if greater standardisation
existed in the market, especially around quality and price.3
Asked which assets they would liquidate in a crisis,
bank deposits ranked first, but most respondents cited
ancestral gold, one of the largest stores of wealth, as
their second choice.
Many respondents further revealed that they would
sell large items of jewellery first because most ancestral
jewellery is old-fashioned and can no longer be worn.This
suggests that attachment to such pieces is neither as
sticky nor as comprehensive as has previously
been believed.
A trusted, branded coin provides consumers with
an accessible investment alternative for such old
gold, promoting recycling and the monetisation of
Indian gold.
04
Over 2.5 million people are employed by the gold industry in some capacity in India.
(Copyright: World Gold Council)
Enhancing India’s gold financial
architecture
The Indian gold market is on a journey. Traditionally, the
approach to gold has been both localised and informal
This has prompted widespread inconsistency, creating
opportunities for consumer exploitation and a consequent
lack of trust. Today however, the market is changing.
Policy decisions are encouraging the development of
a more professional, better organised and more
structured market.
Branded gold coins play an important role in that evolution
as they encourage the standardisation of pricing and
purity and thereby build faith in the quality of Indian gold.
Branded coins also act as a catalyst across the industry,
encouraging manufacturers and retailers to ensure their
products rank equally with those produced by
the Government.
4 World Gold Council, The direct economic impact of gold, 2013.
India’s gold investment evolution
Fostering economic growth
Over 2.5 million people are employed by the gold industry
and gold boosts economic output in India by at least
US$30bn per annum.4 The national gold Coin should boost
employment and economic output on three levels.
First, people will be needed to make the Coins, ensure
their purity, distribute them and supply them. Second,
by driving monetisation, the national gold Coin should
encourage the Indian gold industry to expand and foster
GDP growth more broadly. And third, the national Coin
should bolster export activity.
To ensure the Indian Gold Coin achieves its full potential
however, requires strategic change at a national level.
According to the FICCI/World Gold Council report,
a National Gold Policy would be the most effective
way to establish such change. It would further the
development of a more robust gold infrastructure; drive
the development and uptake of gold-based investment
products, and grow gold-based business output in India.
05
II: The survey

The World Gold Council commissioned a survey in 2015

of 1,180 people, to understand consumer attitudes towards
branded coins and the Indian Gold Coin in particular.5

The survey was designed to increase knowledge
about consumer attitudes towards the Indian Gold Coin,
specifically whether they were more likely to buy the
new branded Coin than non-branded coins; which features
of the new Indian Gold Coin they most appreciated and
what they considered to be an acceptable price range
for the Coin.
Respondents were aged between 25 and 60 from
socio-economic groups A to C, including professionals,
businessmen and women and housewives. Located in
eight top Indian cities, everyone surveyed was a financial
decision-maker. They ranged from people who had not
bought any gold in the past 12 months to investors who
had bought gold investment products such as ETFs, Gold
Accumulation Plans, coins and bars in the past 12 months.
Interest
There was marked enthusiasm for a branded coin as
almost two-thirds of respondents said they were likely
or extremely likely to purchase an Indian Gold Coin and
only 2% said they were not at all likely to purchase.
Encouragingly too, 76% said the Coin was relevant to
them and 72% felt it was unique (Chart 1).

Chart 1: Indian Gold Coin: unique, relevant and appealing

Not at all unique Extremely unique or
or different different

42 30
Overall uniqueness 1 4 22
72

Not at all relevant Extremely relevant

to me to me

44 32
Overall relevance 1 5 17
76

Not at all likely to Extremely likely to

purchase purchase

39 24
Overall purchase intention 2 7 27
63

Base:
All respondents – 1,180
All figures in %
Source: Nielsen survey

5 See Appendix.

India’s gold investment evolution 06

Brand importance The results showed a marked preference for the Indian
To assess whether respondents would be more inclined to Gold Coin.
purchase an Indian Gold Coin than an unbranded gold coin,
they were given two alternatives. Overall, 59% of respondents said they would buy coins
with the first six features, but 63% said they would buy a
First they were shown a concept with six features of the coin with all nine features. In other words, the Indian Gold
Indian Gold Coin: Coin features are likely to increase consumer appetite by
four percentage points.
• 24 carat
• Hallmarked by the Bureau of Indian Standards (BIS) The 4% uplift highlights consumer preference for an Indian
Gold Coin.
• Tamper proof packaging
• Standardisation The uplift rose to 5% among non-investors; there was a
significant 7% uplift among women and an 8% differential
• Buy-back options among those who were already aware of the Indian
• Available in sizes from two to 100 grams. Gold Coin (Chart 2).

Then they were shown a concept with all nine features of This also highlights that there is scope to introduce more
the Indian Gold Coin, including: branded and standard coins from reputable players.

• Government of India backing

• The Make in India campaign
• The Ashoka Chakra emblem.

The last three features are unique to the Indian Gold Coin.

Chart 2: Indian Gold Coin: a marked purchase preference

Purchase intention
3%
4% 5% 3%

59 63 57 62 57 60 68 71

Overall Gold non-investors Traditional gold investors Evolved gold investors

Masked concept Unmasked concept – Indian Gold Coin

Purchase intention: Top 2 box scores

Base:
Gold non-investor – 323
Traditional gold investor – 654
Evolved gold investor – 203
All figures in %
Source: Nielsen survey

India’s gold investment evolution 07

Distinctive features
Consumers were also asked to comment on the
aspects of the Indian Gold Coin which resonated most,
from the list of all nine features.
The results highlighted consumers’ search for quality
assurance and standardisation.
Among respondents, 87% said that guaranteed purity
was relevant or extremely relevant to them, with 85%
stating that national manufacture and the Government of
India backing were relevant or extremely relevant. The
hallmarking and the standardisation of the Coin scored
highly too, with 84% of respondents citing them as
relevant or highly relevant.
Tamper proof packaging, the Ashoka Chakra emblem and
the gram denomination were all considered relevant or
highly relevant to more than 80% of respondents.
The buy-back option was considered relevant to over
80% of consumers, but was the feature that appealed
least to respondents. This was particularly marked among
individuals who said they were extremely likely to buy the
Indian Gold Coin.
Strikingly, the features considered most significant remain
broadly similar among all categories of consumer. Among
non-investors, Government backing was most important;
among investors who traditionally buy jewellery only,
purity was most important and among evolved investors,
the Make in India, national manufacture was paramount
(Chart 3).

Chart 3: Positive consumer response to features of the Indian Gold Coin

Not at all relevant Extremely
to me relevant to me
Features of ‘Indian Gold Coin’
39 48
Purity guarantee Quality assurance 0 1 12
87
38 47
Make in India National benchmarks 2 3 9
85
40 45
Government of India backed Quality assurance 0 2 12
85
38 46
BIS Hallmark National benchmarks 0 3 11
84
38 46
Standardised Quality assurance 1 3 12
84
43 40
Tamper proof pack 1 3 11
83
42 40
Ashoka Chakra embossed 2 4 12
82
41 40
Gram denomination 1 2 16
81
44 36
Buy-back option 1 3 15
80

Base:
All respondents – 1,180
All figures in %

India’s gold investment evolution 08

Size and weight
When asked about preferred denominations, a five
gram coin had the greatest appeal, with almost 29% of
respondents, saying they would like to purchase a coin of
this weight. The two and ten gram weights also attracted
interest from more than 25% of respondents. A weight
of one gram appealed to 11.5% of respondents but other
sizes had scant appeal.
Looking at the gender, men prefer banks and women
prefer branded jewellers.
However, preferences changed slightly among those who
actively plan to invest in an Indian Gold Coin over the next
six months. Here, branded jewellers came out significantly
ahead, with 45% of respondents citing them as their first
port of call, compared to 36% who said they would buy
the Coin from a bank.

Where to buy When to buy

Within urban populations, jewellers and banks have
traditionally been the first ports of call for consumers
wishing to buy gold. These preferences remain with regard
to the Indian Gold Coin as well. Overall, 36% cited banks
as their preferred channel to purchase the coin, with 35%
pointing to branded jewellers and 19% to local jewellers.
Among experienced investors, the preference for banks
was even more marked, at 41%.
Indian consumers traditionally buy gold at Diwali and on
special occasions such as marriages and birthdays.
This pattern persists with regard to Indian Gold Coin
purchases. Overall 56% said they would buy the Coin
on the first day of Diwali, Dhanteras, and throughout
that festival, while 47% said they would buy it to
commemorate an occasion. Investment purposes were
cited by 37% of respondents (Chart 4).

A similar pattern emerged among socio-economic groups.

Respondents from the A category preferred banks. All
three categories cited local jewellers as their third option
but respondents from group C were more likely to choose
local jewellers than higher socio-economic groups.

Chart 4: Occasions to purchase the Indian Gold Coin

Question: Please let me know for which of the following occasions would you buy this gold Coin?
58
56 57 55

47 47 47
45

37 37 38 36 38
35 35
32

18 19 20
17

Gifting purposes during During During Diwali/ Any time of the year Commemoration (such as
marriages, children Akshaya Trithiya Dhanteras for investment someone’s honour, salutation,
birthday etc. purposes celebration)
Overall SEC A SEC B SEC C

Base:
All respondents – 1,180
SEC A – 350
SEC B – 473
SEC C – 357
All figures in %

India’s gold investment evolution 09

Festivals and gifts top the list for men and women, but
40% of men are likely to buy the Indian Gold Coin as an
investment at any time of year, compared to 32%
of women.
Key findings
• More than 60% of respondents were likely to purchase
the Indian Gold Coin and more than 70% believed it
was unique and relevant.
• Quality assurance and Government backing are
Considered to be the most attractive features of the
Indian Gold Coin.
• The most popular denominations are two, five and
ten grams.
• Banks and branded jewellers are the preferred
purchasing locations for coins.
• Consumers are most likely to buy coins during Diwali
or as gifts for birthdays, marriages and other special
occasions.
• However, men and sophisticated investors are also likely
to buy coins for investment purposes.
India’s gold investment evolution
Looking at experienced investors, the situation is even
more marked. Festivals and special occasions still come
first and second, but 48% of this cohort said they would
buy the Indian Gold Coin for investment purposes
throughout the year.
The Indian Gold Coin will unlock latent demand, increase
transparency, assist in recycling and encourage the
development of an organised market, across the value
chain. In so doing, the Indian Gold Coin is expected to
benefit stakeholders across the gold market.
• It will address an unmet need.
• It should curb the trust deficit around gold products
in India.
• It should encourage monetisation and recycling.
• It should increase exports.
• It should boost economic growth.
For the government, coins will catalyse the gold recycling
industry thereby reducing imports, driving monetisation
along with employment and moving value-added services
from overseas to India.
10
III: Appendix
1. The global landscape for national coins
South Africa
South Africa is the number one producer of gold coins.
The Krugerand was established in 1970 and 60 million
coins (11,445t) have been sold in the intervening 45 years.
Featuring a springbok, the national symbol of South Africa,
the coin is 22 carat, 91.67% pure and legal tender under
the South Africa reserve bank. It is marketed by the Rand
Refinery and exported to the USA, Germany, Switzerland,
the UK, the UAE, Taiwan and Hong Kong.
Turkey
Turkey is the second largest producer of sovereign gold
coins, with two versions, both established in 1944 and
both featuring Kemal Ataturk, the first president of Turkey.
The country has sold more than 210 million coins (5,500t),
marketed by the Turkish State Mint and legal tender since
1951. The coins are 22 carat and 91.66% pure. They are
exported to Syria, Iraq, Iran, Jordan, Bulgaria, Romania,
Bosnia and Herzegovina, Croatia, Serbia and Turkish
communities across Europe.
India’s gold investment evolution
Canada
Canada’s Gold Maple Leaf is next on the list with
39 million (751t) sold since the coin was established in
1979. The coin combines Canada’s independence with its
Commonwealth membership, featuring a maple leaf on
one side and Queen Elizabeth II on the other. Marketed by
the Royal Canadian Mint, the coin is 24 carat and
99% pure. It is exported to the USA, Germany,
Switzerland, the UK, Hong Kong, Singapore, Japan,
Taiwan and South Korea.
United States of America
The USA is not far behind Canada in terms of coins
sold. There are two coins, the American Eagle and
the American Buffalo, both marketed by the US Mint.
Established in 1986, the Eagle has sold 35 million coins
(567t). The Buffalo was created just nine years ago in
2006 but two million coins (45t) have already been sold.
The Eagle is 22 carat and depicts Lady Liberty surrounded
by 50 stars – 50 states of the USA. The Buffalo is 24
carat and uses the widely admired design of the Indian
Head nickel. The coins are exported to Canada, Germany,
Luxembourg, Switzerland, the UK, Hong Kong and Japan.
The reverse side of the
packaging of the Indian
Gold Coins and bar (5 gram,
20 gram and 10 gram).
11
Australia
Australia has two coins as well, one launched in 1987 –
the Australian Kangaroo – and one launched in 1996 – the
Australian lunar series. The former features a kangaroo,
instantly associated with Australia and 10 million have
been sold (173t). The latter changes annually according
to the Chinese lunar calendar and a million have been
sold (21t). Both are 24 carat and marketed by Gold Corp
Australia. They are widely exported, with sales in the
USA, 15 European countries, including Estonia, Poland
and Latvia; Russia and Ukraine, the UAE and Hong Kong,
Japan, Taiwan, South Korea and New Zealand.
Austria
Austria’s Vienna Philharmonic coin was launched in 1989
and has achieved sales of 15 million coins (291t). Marketed
by the Austrian Mint, it is 24 carat and sold across the
European Union and Eastern Europe, as well as the USA,
Japan, Hong Kong and Taiwan.
The remaining two countries with a national gold coin are
Mexico and the UK, both of which have had national coins
since the 1980s.

China
China’s Gold Panda was launched in 1982 and 16 million
coins (139t) have been sold. The coin features different
portraits of the panda, which change each year. It is
24 carat and marketed by China Gold Coin Inc. It is
exported to Japan, Singapore, South Korea, the USA,
Germany, Estonia and Russia.

India’s gold investment evolution 12

2. The Nielsen ‘Indian Gold Coin
concept’ study
Below is outlined the methodology used.
Methodology
The study was conducted via face-to-face interviews and
a structured questionnaire. The computer-aided personal
interviews (CAPI) method was used to record answers
through laptops and PDAs. This ensures consistent
process monitoring and better data quality.
Target respondent profile
The profile of target consumers for the study comprised:
• Males (70%), Females (30%)
• Age: 25-60 years (split almost equally between three
age groups: 25-35 (33%), 36-45 (34%), and 46-60
years (33%)).
• Financial decision-makers.
• Salaried and self-employed professionals, businessmen/
women and non-working housewives.
• SEC A, B and C.
Explanation of SEC methodology
SEC (Socio Economic Classification) – urban
• Socio-Economic Classification system (SEC as it is
popularly called), is a way of determining the Socio
Economic status of a household or a respondent
interviewed for a market research study.
• This has been used and accepted for demographic
classification compared to ‘income classification’ as SEC
is considered a better and more authentic basis than
asking income questions which are sensitive to many
and there is a high possibility of either ‘under claim’ or
‘over claim’ of income.
• For determining a respondent’s or household’s SEC, we
first ask the respondent about the person who is the
Chief Wage Earner (CWE) in his/her household.
• We then ask the CWE’s education and occupation and
classify these into groups. Thereafter, with the help of
a SEC chart which has a ready reckoned grid table of
these classification groups of Education and Occupation
(as shown below).

Explanation for urban classifications

To arrive at the correct SEC group, we first circle the education group and occupation
group in the grid. The resulting intersection cell shows the SEC group to which the
household/respondent can be classified.
Education
Some Graduate/ Graduate/
Literate but School School college but Post Post
Number of no formal up to 5 to not graduate – graduate –
Occupation employees Illiterate schooling 4 years 9 years SSC/HSC graduate general professional
Unskilled worker E2 E2 E2 E1 D D D D
Skilled worker E2 E1 E1 D C C B2 B2
Petty trader E2 D D D C C B2 B2
Shop owner D D D C B2 B1 A2 A2
None D C C B2 B1 A2 A2 A1
Businessmen/Industrialist 1 to 9 C B2 B2 B2 B1 A2 A1 A1
10+ B1 B1 B1 A2 A2 A1 A1 A1
Self employed/Professional D D D D B2 B1 A2 A1
Clerical/Salesman D D D D C B2 B1 B1
Supervisory level D D D C C B2 B1 A2
Officers/Executives – junior C C C C B2 B1 A2 A2
Officers/Executives – middle/senior B1 B1 B1 B1 B1 A2 A1 A1

Selected SEC

India’s gold investment evolution 13

Sample size – 1,180
Consumers were segmented according to the old SEC
(Socio Economic Classification) methodology. This was
considered preferable for this study as it provides a
better categorisation of respondents, with regard to their
probable consumption of high investment products such
as gold. The old SEC methodology also includes normative
data collected over the years from previous studies and
this information was for correlation and market insight.
Sampling was random with specific quotas and the survey
focused on eight cities: Mumbai, Delhi, Kolkata, Chennai,
Bangalore, Hyderabad, Ahmedabad and Kochi.
India’s gold investment evolution
Gold investors
These were classified in three categories:
• Experienced gold investors – consumers who have
invested in Gold ETFs, Gold MFs, Gold Coins or the
Gold Accumulation Plan in the past 12 months.
• Traditional gold investors – consumers who have
purchased gold only in the form of jewellery in the
past 12 months.
• Gold non-investors – consumers who have not
purchased gold in the last 12 months.
14
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India’s gold investment evolution
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analysis of World Gold Council of the statistics available to it. Assumptions
relating to the forward-looking statement involve judgments with respect to,
among other things, future economic, competitive and market conditions all of
which are difficult or impossible to predict accurately. In addition, the demand
for gold and the international gold markets are subject to substantial risks
which increase the uncertainty inherent in the forward-looking statements.
In light of the significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information should not be
regarded as a representation by the World Gold Council that the forward-
looking statements will be achieved.
The World Gold Council cautions you not to place undue reliance on its
forward-looking statements. Except in the normal course of our publication
cycle, we do not intend to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, and we
assume no responsibility for updating any forward-looking statements.
IN001201610
World Gold Council
10 Old Bailey, London EC4M 7NG
United Kingdom
T +44 20 7826 4700 
F +44 20 7826 4799 
W www.gold.org

Published: October 2016