Gold is not mined in India anymore. The country imports almost all of its gold requirements from abroad. Imported gold prices are used to arrive at 22K gold rate in India. A vast body of importers brings gold into India. Most of them are some of the top government-owned banks, private sector banks, as well as many private companies.
Here are some of the significant Indian importers of gold, who also have a hand in fixing the gold rates in India for the wholesale gold market rate.
• State Bank of India
• Bank of Baroda
• Union Bank of India
• Bank of India
• Punjab National Bank
• Yes Bank
• Minerals and Metal Trading Corporation of India
The above names are just a small part of the full list of gold importers in the country. Once these importers bring the gold, they add other components like import duties, VAT etc., and sell it to some of the wholesalers, who then retail the same to the retailers within the country.