From where does gold shops in India get the gold. Do they own mines?Do we have enuf mines in India?

Question

Is everything fine about the gold business - or is something fishy? Are gold shops ready to show the source of their gold - frankly gold need not have such a huge price.

Answer 1

In fact India has so much gold in its "gold shops" that Indian sportspeople are not that greedy for gold medals in the Olympics! Seriously, I also don't understand what's the source of this unlimited gold. And all the gold is sold... to whom?

Answer 2

India imports Gold from everywhere.

True India has some go;d mines but there is simply not much Industrial production. Also Indian use gold extensively on various occasions so obviously Price do go HIgh locally and internationally..

Answer 3

-India import gold from South Africa .

-India has few gold mines but not appropriate technology to extract it profitably