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India’s Love For Gold Pays Off: Wealth Creation, Portfolio Strategy, And What’s Next
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Estimates suggest that Indian households collectively hold around 25,000 to 30,000 tonnes of gold, one of the largest private holdings worldwide.
As 2026 unfolds, Indian investors should anticipate gold maintaining its strategic importance amid fluctuating economic conditions.
Written By Sachin Sawrikar:
Diamonds may have been marketed by De Beers as a woman’s best friend but in so far as Indian women are concerned, it’s gold that has forever held sway over their hearts. Beyond just the utility of gold as jewellery to be flaunted as a status symbol, this non-depreciating asset (unlike a fancy car or a top-end iPhone model, for instance) has had a transformative impact on the wealth of Indian households.
Massive Wealth Creation: $792 Billion Appreciation Since 2011
Between 2011 and 2024, India imported substantial quantities of gold. While these imports initially contributed to widening the trade deficit, the dollar value of these holdings has appreciated dramatically. At current prices near $4,211 per ounce, gold imported during this period has gained about $1.085 trillion in value, an aggregate increase of around 175%.
| Year | Imported Gold (tonnes) | Import Value (USD bn) | Current Value (USD bn) | Gain (USD bn) | Gain (%) |
|---|---|---|---|---|---|
| 2011 | 1,081.78 | 53.92 | 146.27 | 92.35 | 171% |
| 2012 | 982.69 | 52.77 | 133.03 | 80.27 | 152% |
| 2013 | 832.87 | 39.18 | 112.75 | 73.57 | 188% |
| 2014 | 798.40 | 31.21 | 107.98 | 76.77 | 246% |
| 2015 | 1,047.15 | 35.02 | 141.66 | 106.64 | 304% |
| 2016 | 668.27 | 23.11 | 90.42 | 67.31 | 291% |
| 2017 | 1,032.93 | 36.29 | 139.74 | 103.45 | 285% |
| 2018 | 945.02 | 31.79 | 127.93 | 96.14 | 302% |
| 2019 | 836.41 | 31.24 | 113.15 | 81.91 | 262% |
| 2020 | 430.10 | 21.96 | 58.16 | 36.20 | 165% |
| 2021 | 1,067.70 | 55.70 | 144.42 | 88.72 | 159% |
| 2022 | 763.00 | 38.70 | 103.25 | 64.55 | 167% |
| 2023 | 800.00 | 47.00 | 108.22 | 61.22 | 130% |
| 2024 | 802.80 | 52.00 | 108.80 | 56.80 | 109% |
This gain alone exceeds India’s current foreign exchange reserves, highlighting gold’s extraordinary role as a store of wealth. The total current valuation of India’s gold holdings imported since 2011 stands close to $1.6 trillion. Even gold imported in 2024, valued at $52 billion at the time, is now worth over $108 billion, underscoring gold’s enduring ability to generate wealth. Ironically, many market commentators at the time expressed concern over the impact of gold purchases on India’s forex reserves and trade deficit, not fully appreciating the long-term wealth creation these imports have enabled.
Re-Exports and India’s Role as a Global Jewellery Hub
A portion of this imported gold has been re-exported as jewellery, reflecting India’s global status as a leading hub for craftsmanship and trade. While this flow partially offsets import volumes, it does not diminish the substantial domestic stockpile that forms a cornerstone of financial security for Indian households and institutions alike.
25,000-30,000 Tonnes of Gold Held by Households
Estimates suggest that Indian households collectively hold around 25,000 to 30,000 tonnes of gold, one of the largest private holdings worldwide. At current prices, this translates to roughly $3.4 trillion to over $4.1 trillion in value, making gold one of the most significant components of household wealth in India. This immense stockpile reinforces why gold continues to occupy a central place in Indian culture, savings, and investment portfolios.
A Blockbuster 2025 and the Outlook for 2026
Gold experienced a blockbuster performance in 2025, driven by ongoing geopolitical tensions, elevated inflation concerns, and sustained central bank purchases. For Indian investors, the year was especially rewarding, with gold prices rallying sharply, reaffirming gold’s timeless appeal as both a safe haven and wealth preserver. Globally, the metal’s value benefited from persistent macroeconomic uncertainty, while in India, steady demand from festivals, weddings, and investments kept momentum strong.
Looking ahead to 2026, the outlook for gold remains positive but nuanced. Factors such as central banks’ monetary policies, currency fluctuations, and inflation trends will largely determine gold’s trajectory. Should inflation prove more persistent than expected, gold will continue to serve as a vital hedge against purchasing power erosion. Conversely, aggressive interest rate hikes may introduce short-term pressure on prices, though gold’s intrinsic qualities as a tangible, non-yielding asset will preserve its long-term role in diversified portfolios. Moreover, geopolitical tensions and financial market volatility will remain key drivers of safe-haven demand.
Portfolio Allocation: 5-10% Recommended
Regarding portfolio allocation, financial planners generally recommend allocating between 5%-10% of one’s investment portfolio to gold. This allocation balances gold’s role as a stable hedge and inflation protector with growth-oriented assets like equities. Investors already holding substantial physical gold might diversify by adding gold based funds to improve liquidity and manageability. Ultimately, gold’s unique qualities, capital preservation, inflation hedging, and crisis resilience, make it indispensable in a balanced investment strategy.
New Opportunities Through GIFT City
For investors seeking exposure to gold in 2026, various avenues exist. Resident Indians can consider sovereign gold bonds, gold ETFs, and digital gold platforms, which offer liquidity, convenience, and tax advantages. While the first two are well regulated, there is considerable merit in being sanguine about the latter. So far, investors have not been able to use the GIFT City route to invest in international gold funds, passive or active, that offer exposure to both a hard currency, such as the US dollar and international gold price indexation.
With a change in regulations by the IFSCA, the regulator of the GIFT city, licensed fund management entities now have the ability to launch schemes that invest in commodities such as precious metals. Soon, investors will have exciting new options with the upcoming launches of gold funds domiciled in GIFT City that will allow NRIs and resident Indians to invest in professionally managed physical gold-backed funds through regulated vehicles that offer transparency and global standards.
As 2026 unfolds, Indian investors should anticipate gold maintaining its strategic importance amid fluctuating economic conditions. While price volatility is inevitable, gold’s combination of cultural significance, global macroeconomic dynamics, and its massive accumulated value, ensures it remains a vital component of wealth preservation and portfolio diversification. Leveraging modern investment products alongside traditional holdings will enable investors to optimise returns while managing risks.
(The author is the managing partner of Artha Bharat Investment Managers IFSC LLP)
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December 27, 2025, 13:48 IST
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Bharat Coking Coal IPO, a Coal India subsidiary, lists on BSE and NSE January 19, 2026, with a strong GMP.
Bharat Coking Coal IPO: Listing Price Prediction. Shares to be listed tomorrow, January 19, 2026.
Bharat Coking Coal IPO Listing Price Prediction, GMP: The allotment of the Bharat Coking Coal IPO was concluded on January 14, 2026. Now, investors are eyeing the listing of the shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), which is likely to take place on Monday, January 19, 2026.
The investors who have been allotted the unlisted shares of the Bharat Coking Coal IPO might be checking the grey market premium regularly.
The IPO was open for public subscription between January 9 and January 13. It received a massive overall subscription of 143.85 times subscription. Its retail category received 49.37x subscription, its non-institutional investor (NII) category received 240.49 times subscription, and its qualified institutional buyer (QIB) portion got 310.81 times bidding.
Bharat Coking Coal IPO Listing Date
The shares of Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India Ltd (CIL), will be listed on both the BSE and the NSE on January 19, Monday.
Bharat Coking Coal IPO Listing Price Prediction, GMP Today
According to market observers, unlisted shares of Bharat Coking Coal Ltd are currently trading at Rs 35.4 apiece in the grey market, which is a 53.91 per cent premium over the IPO price of Rs 23. It indicates a strong listing gains for investors. Its listing will take place on Monday, January 19.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Bharat Coking Coal IPO Allotment Status
The Bharat Coking Coal IPO allotment has already been finalised.
The allotment status can be checked online by following these steps:
Via Official Registrar
1) Visit registrar Kfin Technologies’ portal – https://ipostatus.kfintech.com/.
2) Under ‘Select Company’, select ‘Bharat Coking Coal Limited’ from the drop-box.
3) Enter your application number, demat account, or permanent account number (PAN).
5) Then, click on the ‘Submit’ button.
Your share application status will appear on your screen.
Via the BSE
1) Go to the official BSE website via the URL — https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Bharat Coking Coal Limited’ in the drop box.
4) Enter your application number, or the Permanent Account Number (PAN). Those who want to check their allotment status via PAN can select the ‘Permanent Account Number’ option.
5) Then, click on the ‘I am not a robot’ to verify yourself and hit the ‘Search’ option.
Your share application status will appear on your screen.
Via NSE’s Website
The allotment status can also be checked on the NSE’s website at https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids.
Bharat Coking Coal IPO: More Details
According to the red herring prospectus (RHP), the maiden public issue is entirely an offer for sale (OFS) of 46.57 crore equity shares by Coal India.
The listing of BCCL is part of the government’s broader divestment push in the coal sector, aimed at unlocking value in Coal India’s subsidiaries and enhancing transparency through market discipline.
In its prospectus, the company stated that the IPO will help achieve the benefits of listing.
BCCL will make its stock market debut on January 16. The company said that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Last year, Central Mine Planning and Design Institute Ltd (CMPDIL), another wholly-owned arm of Coal India, had also filed its draft papers with Sebi for an IPO via the OFS route.
While BCCL is a coal-producing entity, CMPDIL serves as Coal India’s technical and planning arm.
Bharat Coking Coal was the largest coking coal producer in India in fiscal 2025, according to a Crisil report. It produces various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries.
The company was incorporated in 1972 to mine and supply coking coal concentrated in mines located at Jharia, Jharkhand and Raniganj, West Bengal coalfields.
The public sector firm has expanded operations significantly over the years, with coal production increasing from 30.51 million tonnes in fiscal 2022 to 40.50 million tonnes in fiscal 2025, which is an increase of 33 per cent. Its coal production stood at 15.75 million tonnes in the six months ended September 30, 2025, as compared to 19.09 million tonnes in the year-ago period.
The company operates a network of 34 operational mines, including 4 underground mines, 26 opencast mines, and 4 mixed mines as of September 30, 2025.
On the financial front, Bharat Coking Coal’s revenues from operations stood at Rs 13,802 crore and profit of Rs 1,204 crore in FY25.
BCCL’s issue comes against the backdrop of a blockbuster year for the primary market.
In 2025, companies raised a record nearly Rs 1.76 lakh crore through IPOs, buoyed by strong domestic liquidity, resilient investor sentiment and a supportive macroeconomic environment. This surpassed the Rs 1.6 lakh crore mobilised by 90 firms in 2024 and the Rs 49,436 crore raised by 57 companies in 2023.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
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January 18, 2026, 09:31 IST
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EW DELHI: The Directorate General of Civil Aviation (DGCA) has slapped IndiGo with the steepest fine ever for an Indian carrier – Rs 22.2 crore – for its massive flight disruptions last month.Additionally, the airline has to submit a bank guarantee of Rs 50 crore whose release is tied to implementing, among other things, the more humane flight duty norms for pilots aimed to enhancing flight safety. The regulator has warned senior airline officials, including the CEO & COO. The senior VP of operation control centre has to be removed from his position.
The senior VP of operation control centre has to be removed from his position and not given any accountable position in the future. The aviation ministry has ordered “an internal inquiry to identify and implement systemic improvements within DGCA”.The regulator late on Saturday night released key findings of the report by its four-member panel that probed IndiGo schedule collapse last month. The airline’s unpreparedness and consequent inability to implement DGCA’s new flight duty time limitation (FDTL) for pilots has cost it dear. Each day’s exemption given for its Airbus A320 family pilots to ensure the airline was able to start resuming flights staring the second week of Dec is costing it Rs 30 lakh. This works out to Rs 20.4 crore for 68 days between Dec 5, 2025, & Feb 10, 2026.The airline has been fined one-time Rs 30 lakh each on six more counts, which add up the fine to Rs 22.2 crore. The six failures include failure to comply with new FDTL rules, rest periods, “inadequate buffer margins in roster planning… failure to strike balance between commercial imperatives and crew members’ ability to work effectively and failure of accountable management to ensure overall functioning, financing, and conduct of operations to DGCA standards.“Between Dec 3 and 5, 2,507 IndiGo flights were cancelled and 1,852 were delayed that left over 3 lakh passengers stranded at airports across the airline’s network. Flights had resumed gradually over the next week or so.What caused the crisis:“Over-optimisation of operations, inadequate regulatory preparedness along with deficiencies in system software support and shortcomings in management structure & operational control on the IndiGo”, have been identified as the “primary causes for the disruption” by the DGCA probe panel. “The airline’s management failed to adequately identify planning deficiencies, maintain sufficient operational buffer, and effectively implement the revised FDTL provisions,” the report says.Action against IndiGo:Apart from fines, the airline’s CEO has been cautioned “for inadequate overall oversight of flight ops and crisis management.” Accountable manager & COO, Isidre Porqueras, has been warned for “failure to assess impact of winter schedule 2025 and revised FDTL leading to widespread disruptions.” Senior VP (ops control centre) has been asked to be relieved from the post and not be given any accountable position in future. Warnings have been issued to flight ops and crew resource planning “for operational, supervisory, manpower planning and roster management lapses.”Way ahead:DGCA has asked IndiGo to take appropriate action against any other personnel identified through its inquiry and submit a compliance report regarding the same. Sources say IndiGo has been made aware of the lapses of its senior officials, especially COO, and now the airline is expected to take action against them. “The findings underscore the need for operational planning, and effective management oversight to ensure sustainable operations and passenger safety & convenience,” report says.IndiGo statement:Confirming receipt of DGCA ruling, airline said it is “committed to taking full cognisance of the orders and will, in a thoughtful and timely manner, take appropriate measures… an in-depth review of the robustness and resilience of the internal processes at IndiGo (is) underway to ensure that the airline emerges stronger out of these events in its otherwise pristine record of 19 plus years of operations”.
MUMBAI: The Sir Ratan Tata Trust (SRTT) cancelled its Saturday board meeting, which was expected to consider the induction of chairman Noel Tata’s son, Neville Tata, as a trustee. In contrast, board meetings of Sir Dorabji Tata Trust (SDTT) and Tata Education and Development Trust (TEDT) proceeded as scheduled.The cancellation suggests that Neville’s appointment may have been pushed back to give trustees more time for discussions – since appointing a trustee requires unanimous approval. No new date for the SRTT meeting has been notified. An email query to Tata Trusts on the cancellation of the board meeting received no response. Sir Ratan Tata Trust (SRTT), Sir Dorabji Tata Trust (SDTT), and Tata Education and Development Trust (TEDT) have several trustees in common. Except for Jehangir HC Jehangir and Jimmy Tata, the other SRTT trustees — Noel, Venu Srinivasan, Vijay Singh and Darius Khambata — also serve on SDTT’s board and participated in its meeting on Saturday, people familiar with the matter said. Jimmy, Noel’s older half-brother, usually does not attend SRTT meetings.Saturday’s development comes amid unresolved issues from the last round of inductions in Nov 2025 when the inductions of Neville and former Titan MD Bhaskar Bhat were approved by SDTT but failed to secure approval at SRTT. SDTT, together with SRTT, controls India’s largest conglomerate, the Tata Group.At the Nov 11, 2025 SDTT meeting, Khambata proposed Neville’s appointment, while Noel proposed Bhat, as TOI reported in its Nov 12 edition. Neither name was on the formal board agenda. All trustees of SDTT approved the appointments (Srinivasan did not attend the meeting as his term had expired). Later, at SRTT’s meeting on the same day, both proposals were put off for consideration at a later date.Srinivasan, who participated in the SRTT meeting, reportedly expressed reservations, stating that these proposals were not on the agenda and that such matters should not be raised under “any other items for discussion.” While items not listed on the agenda can be introduced with the chairman’s permission, Srinivasan suggested they be considered at the next board meeting, according to a person familiar with the discussion.This time, Neville’s appointment was formally listed on the SRTT agenda but the meeting was cancelled. Bhat’s name did not appear on Saturday’s agenda. Neville participated at the SDTT meeting on Saturday, marking his first formal role at the flagship foundation.
Bharat Coking Coal IPO To List Tomorrow: GMP Indicates Over 50% Bumper Gains
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