New Delhi, March 26 -- India's gold sector is currently undergoing a structural transformation as the industry navigates a shift from consumption-led to investment-led demand. According to a joint report by ICRA and ASSOCHAM, India remains heavily dependent on imports due to negligible domestic mining output.

To address this vulnerability, the joint report emphasized that "reducing import dependence by scaling up organised refining and recycling needs to be prioritised." Key recommendations included continued support for lower import duties on gold dore relative to refined gold and the wider acceptance of IGDS-compliant bars to better integrate domestic refiners with financial markets.

The report also highlighted the need to recalibrate...