Gold holdings of the three major gold loan companies in Kerala have recorded a growth from 195 tonnes two years ago, to nearly 263 tonnes towards the end of September 2016. Muthoot Finance, Manappuram Finance, and Muthoot Fincorp jointly hold nearly 263 tonnes of gold jewellery, higher than the metal reserves of Belgium, Singapore, Sweden, or Australia.
Over the last two years, the gold holdings of Muthoot Finance, the largest of Kerala's gold loan companies, grew from 116 tonnes to 150 tonnes. It now holds more yellow metal in its vaults than the reserves of Singapore (127.4 tonnes), Sweden (125.7 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes). There are other two big players -Manappuram Finance with 65.9 tonnes and Muthoot Fincorp with 46.88 tonnes. The combined holdings of the three are 262.78 tonnes.
India accounts for somewhere around 30 per cent of the global demand for gold. According to the World Gold Council, it has the 11th gold reserves at 558 tonnes. The US heads the pack with 8,134 tonnes, with Germany and IMF come next. According to GFMS Gold Survey, India tops the list of countries consuming gold jewellery, with a consumption of 107.6 tonnes during Q3 of calendar year 2016.
