India has confirmed the discovery of new gold reserves in the state of Odisha, specifically in the districts of Deogarh, Keonjhar, and Mayurbhanj. This announcement follows a 2023 report from the Geological Survey of India, which had previously identified these areas as potential gold-bearing zones. Odisha’s Mines Minister, Bibhuti Jena, mentioned that gold deposits have also been detected in Malkangiri, Sambalpur, and Boudh districts.
However, the government has yet to release official figures on the amount of gold discovered. While the discovery is being called “massive,” the exact quantity remains unclear. As of 2023, India’s total gold reserves amounted to only 70.1 metric tons.
Even if the new reserves in Odisha contain between 10 and 20 metric tons of gold, this would still fall short of India’s annual gold import volume, which is between 700 and 800 metric tons. India currently mines just 1.6 metric tons of gold annually, far less than the amount it imports. This highlights the country’s continued reliance on foreign gold, despite the discovery in Odisha.
The Indian government has not announced plans to begin mining or refining the gold, and no timeline for a full geological assessment has been provided. The announcement coincides with discussions within the BRICS group—Brazil, Russia, India, China, and South Africa—about creating a currency backed by gold. India’s role in these discussions remains limited due to its low production numbers and high import dependency.
In contrast, China has made headlines with a far larger gold discovery. In November 2024, China announced the discovery of 1,000 metric tons of gold in central China, valued at $83 billion. This find is significantly larger than any gold deposit in India and strengthens China’s position within BRICS as it seeks to create a gold-backed currency. China already holds over 2,000 metric tons of gold reserves and produces 380 metric tons annually, far outpacing India’s mining capacity.
Meanwhile, Russia’s gold reserves reached $217.4 billion in March 2025, pushing it past China in total value of gold holdings. Russia has steadily increased its gold purchases over the past decade, especially after sanctions were imposed following the 2014 annexation of Crimea.
India’s gold policy remains unclear, with no official statements regarding how the new discovery will impact its long-term monetary strategy. While global gold demand reached record highs in 2024, India’s involvement remains limited to consumption, without a clear plan for utilizing its domestic gold resources.
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