Real Assets
Explained: India’s Gold Demand During Diwali
Indiaโs Gold Demand During Diwali
In India, goldโs significance goes far beyond investment and jewelry. The yellow metal is woven into Indiaโs cultural history and is revered by a population of over 1.3 billion.
India is one of the largest markets for gold consumption, with jewelry, bars, and coins accounting for the bulk of annual demand. Indian gold demand typically peaks between October and December on the back of Diwali, the festival of lights, followed by thousands of weddings.
But why do Indians buy gold during Diwali?
Goldโs Significance During Diwali
Indians consider it auspicious to purchase goldโa symbol of wealth, purity, and prosperityโon many festive occasions, and Diwali is the biggest one of them.
Diwali is a five-day festival that celebrates the triumph of good over evil and light over darkness, based on Hindu mythology. For many Indians, this festival is associated with welcoming good luck, positivity, and prosperity.
People often dedicate gold purchases during Diwali to deities, especially Lakshmi, the goddess of wealth. Gold is also a popular festive and wedding gift at this time of the year.
Indiaโs Record Gold Demand in Diwali 2021
Indiaโs gold consumption in the second half of every year is typically higher than in the first half, coinciding with Diwali in October (beginning of Q4), according to data from the World Gold Council.
Year | Gold Jewelry, Bar, and Coin Demand (tonnes) | YoY % Change |
---|---|---|
H1 2010 | 447 | N/A |
H2 2010 | 555 | N/A |
H1 2011 | 590 | 32.1% |
H2 2011 | 384 | -30.8% |
H1 2012 | 404 | -31.5% |
H2 2012 | 510 | 32.7% |
H1 2013 | 557 | 37.9% |
H2 2013 | 402 | -21.3% |
H1 2014 | 370 | -33.5% |
H2 2014 | 463 | 15.3% |
H1 2015 | 350 | -5.5% |
H2 2015 | 507 | 9.5% |
H1 2016 | 229 | -34.5% |
H2 2016 | 437 | -13.9% |
H1 2017 | 363 | 58.4% |
H2 2017 | 408 | -6.6% |
H1 2018 | 341 | -6.2% |
H2 2018 | 420 | 2.9% |
H1 2019 | 372 | 9.2% |
H2 2019 | 318 | -24.2% |
H1 2020 | 166 | -55.5% |
H2 2020 | 281 | -11.8% |
H1 2021 | 285 | 72.3% |
H2 2021 | 512 | 82.3% |
H1 2022 | 306 | 7.3% |
Following a significant drop in demand in 2020, Indians bought a record amount of gold jewelry in Q4 2021 at 265 tonnes, worth $15.3 billion at the time. Overall, gold jewelry, bar, and coin demand in H2 2021 saw an 82% increase year-over-year.
This increase was largely driven by the festive season and pent-up demand from subdued celebrations and consumption in 2020. As of the first half of 2022, gold demand was up 7.3% relative to 2021.
With Diwali celebrations in full swing, will India see another record quarter for gold demand? It remains to be seen, with goldโs festive tailwinds likely to meet economic headwinds in the form of uncertainty and higher import duties.
Real Assets
Charted: If Gold Was Shared Equally, How Much Would You Get?
There are 244,000 metric tons of known gold reserves. And 8 billion people. Here’s the answer to: what if gold was shared equally?

Charted: If Gold Was Shared Equally, How Much Would You Get?
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Desired for millennia because of its shine and rarity, gold is still the safe haven asset (with fairly decent returns) in times of uncertainty.
This chart examines a hypothetical question of how much gold every person in the world would get if all discovered gold was shared equally.
Data for this graphic is sourced from the U.S. Geological Survey and from the UNโs World Population Prospects 2024.
Thereโs Not a Lot of Gold for 8 Billion People
Turns out, there really isnโt a lot of gold in the world.
To date, only 244,000 metric tons of gold have ever been discovered. This includes historical production and current known discoveries.
That works out to about 30 grams (about one troy ounce), or six gold rings, for every single human being on the planet.
Categories | Figures |
---|---|
Gold Discovered (Metric Tons) | 244,000 |
World Population | 8,161,972,572 |
Gold per Person (Metric Tons) | 0.00002989 |
Gold per Person (Grams) | 29.89 (or one ounce) |
Of course, jewelry isn’t the only use of gold (though it does account for the largest share of above-ground use).
Central banks have quite a bit in their reserves, with the U.S. holding the most at roughly 8,000 tonnes.
At sixth place China (2,200 tonnes) has been steadily increasing its reserves in the past year, in a bid to diversify foreign exchange reserves away from the U.S. Treasury bonds.
Largest Gold Producers
And then thereโs all the gold beneath the ground, spread out in massive mines across the world. Of them, Australia is home to two in the top 10, and is also the second-largest producer.
Whoโs the largest producer? Thatโs Chinaโeven though it doesnโt have any large mines on the same scale as those found in the U.S. and Australia. Instead it has numerous smaller ones, and coupled with efficient smelting infrastructure, ends up producing more volume.
Finally, South Africa held the top supplier spot between 1900โ1970. Its production peaked at about 1,000 tonnes annually, the most by any country in a single year.
Learn More on the Voronoi App 
Need even more gold graphics? Good thing we have a few. Check out: Visualizing Gold Consumption vs. Domestic Supply to see which countries use the most gold.
Real Assets
Charted: The Global Mining Industry, by Market Cap
Australia tops the list, with its major mining companies totaling $353 billion in market cap.

Charted: The Global Mining Industry, by Market Cap
This was originally posted on our Voronoi app. Download the app for free onย iOSย orย Androidย and discover incredible data-driven charts from a variety of trusted sources.
This graphic breaks down the market value of the entire global mining industry, as of Jan. 16, 2025, using data from Companiesmarketcap.com.
Note that this data only covers publicly-traded companies.
Australia and Canada Lead
Australia tops the list, with its major mining companies totaling $353 billion in market capitalization. The country is home to two of the biggest miners in the world, BHP and Rio Tinto.
Country | Company | Market Cap (USD) |
---|---|---|
๐ฆ๐บ Australia | BHP Group | 125B |
๐จ๐ณ China | China Shenhua Energy | 103B |
๐ฆ๐บ Australia | Rio Tinto | 97B |
๐บ๐ธ U.S. | Southern Copper | 77B |
๐บ๐ธ U.S. | Freeport-McMoRan | 58B |
๐จ๐ญ Switzerland | Glencore | 55B |
๐ธ๐ฆ Saudi Arabia | Maaden | 49B |
๐บ๐ธ U.S. | Newmont | 48B |
๐จ๐ฆ Canada | Agnico Eagle Mines | 43B |
๐ฎ๐ฉ Indonesia | Bayan Resources | 42B |
๐ฒ๐ฝ Mexico | Grupo Mรฉxico | 39B |
๐ฆ๐บ Australia | Fortescue | 36B |
๐ฌ๐ง UK | Anglo American | 37B |
๐ง๐ท Brazil | Vale | 37B |
๐จ๐ณ China | Zijin Mining | 57B |
๐ฎ๐ณ India | Coal India | 27B |
๐จ๐ฆ Canada | Barrick Gold | 28B |
๐จ๐ฆ Canada | Wheaton Precious Metals | 27B |
๐จ๐ฆ Canada | Nutrien | 26B |
๐จ๐ฆ Canada | Franco-Nevada | 24B |
๐จ๐ฆ Canada | Teck Resources | 22B |
๐จ๐ฆ Canada | Cameco | 22B |
๐ฌ๐ง UK | Antofagasta | 21B |
๐ฎ๐ณ India | Vedanta | 20B |
๐ท๐บ Russia | Nornickel | 18B |
๐จ๐ฆ Canada | Ivanhoe Mines | 15B |
๐จ๐ณ China | Yanzhou Coal Mining | 15B |
๐จ๐ฆ Canada | Kinross Gold | 13B |
๐ฆ๐บ Australia | Northern Star | 12B |
๐ท๐บ Russia | Severstal | 11B |
๐จ๐ฆ Canada | First Quantum Minerals | 11B |
๐ฐ๐ฟ Kazakhstan | Kazatomprom | 10B |
๐ฆ๐บ Australia | South32 | 10B |
๐บ๐ธ U.S. | Royal Gold | 9B |
๐จ๐ณ China | Ganfeng Lithium | 9B |
๐ธ๐ช Sweden | Boliden | 8B |
๐จ๐ฆ Canada | Alamos Gold | 8B |
๐จ๐ฆ Canada | Pan American Silver | 8B |
๐จ๐ณ China | Tianqi Lithium | 7B |
๐ฆ๐บ Australia | Evolution Mining | 7B |
๐จ๐ฆ Canada | Lundin Mining | 7B |
๐ฎ๐ณ Indonesia | NMDC | 7B |
๐จ๐ฆ Canada | Lundin Gold | 6B |
๐ฎ๐ฉ India | United Tractors | 6B |
๐ฏ๐ต Japan | Sumitomo Metal Mining | 6B |
๐ฒ๐ฝ Mexico | Fresnillo | 6B |
๐ต๐ฑ Poland | KGHM | 6B |
๐ฟ๐ฆ South Africa | Harmony Gold | 6B |
๐ฌ๐ง UK | Endeavour Mining | 5B |
๐ฟ๐ฆ South Africa | Impala Platinum | 5B |
๐ Global Total | All Companies Combined | 1.4T |
Rich in minerals, Australia is the world’s largest producer of iron ore, essential for steel production, and lithium, a key component in batteries.
While Canadaโs economy has struggled to keep pace with its southern neighbor, its mining industry remains formidable.
The countryโs mining sector has a combined market capitalization of $344 billion, making it the second-largest globally.
Canada, the worldโs second-largest country by area after Russia, has vast natural resource wealth. It is particularly rich in gold, copper, nickel, and potash.
United States with miners totaling $228 billion and China with companies totaling $206 billion come in third and forth, respectively.
Learn More on the Voronoi App 
If you enjoyed this topic, check out thisย graphic showing the number of mines that must be developed to meet the expected demand for energy transition raw materials and chemicals by 2030.
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