Completed Projects 2023

Household survey on Gold Consumption: IGPC-PRICE (Wave 2.0)

The study is planned to undertake a nationwide biannual household survey for five consecutive financial years to collect the information on consumption of gold and jewellery and other related aspects from 40,000 Indian households covering 25 Indian states and union territories. The study is aimed to create a time series data to understand the dynamics of gold consumption, investment, and usage behaviour of Indian households along with capturing geo-demographics, consumer aspirations, and mindset.

Sponsor: India Gold Policy Centre (IGPC), Indian Institute of Management, Ahmedabad.

PRICE Research Team: Rajesh Shukla, Asha Sharma, Pooja Sharma, Rajender Singh, Adite Banerjie
IIMA (IGPC) Research Team: Harish K Chopra, Anumeha Saxena



Household Survey on Gold Consumption: IGPC-PRICE (Wave 2.0) 


India Gold Policy Centre (IGPC), Indian Institute of Management, Ahmedabad.


  • To measure saving, investment and consumption behavior of gold and gold related products;
  • To estimate the share of gold in total savings and investments portfolio of the household;
  • To measure of inherited holding vs purchase from own income;
  • To understand the diversified gold buying behavior of Indian households; Socio-economic demographic enablers driving the demand for gold in India;
  • To understand consumers’ preferences between investment and adornment and its other utilization pattern such as collateral, monetize, etc.;
  • To measure the level of wealth protection and exchange value of gold;
  • The perception and mind-set that goes behind gold transactions- gold as an asset, symbol of prosperity or of traditional value in cultural and social occasions; and
  • To measure the impact of policy measures (recent past and present) other specific related issues for analysis


National survey covering 25 major Indian States & UTs (Andhra Pradesh, Assam, Bihar, Chandigarh, Chhattisgarh, Daman & Diu, Delhi, Goa, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Puducherry, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal).

Sample Design

Probability sampling separately for rural and urban India

Sample Frame

200,000 households

Sample Size

40,000 households

Data Collection Method

Face-to-face questionnaire-based approach (CAPI)


Chief Wage Earner (CWE), Housewife, Other Earning members

Reference period

The financial year 2022-23

Survey period

January-June 2023

Research Team

PRICE: Rajesh Shukla, Asha Sharma, Pooja Sharma, Rajender Singh and Adite Banerjie IIMA(IGPC): Arvind Sahay, Sanket Mohapatra, Harish K Chopra, Minal Marathe