The gold holdings of the three biggest gold loan company in Kerala have increased from 195 tonnes two years prior to almost 263 tonnes towards the end of September 2016.
Between them, they have more valuable metal in their vaults than the gold stores of a portion of the wealthiest countries.
Muthoot Finance, Manappuram Finance and Muthoot Fincorp together hold about 263 tonnes of gold accessory, which is higher than the gold reserves of Belgium, Singapore, Sweden or Australia.
In the course of the most recent two years, the gold holdings of Muthoot Finance, the biggest of Kerala’s gold loan company, grew from 116 tonnes to 150 tonnes. It now holds the 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 major players — Manappuram Finance with 65.9 tonnes and Muthoot Fincorp with 46.88 tonnes. The consolidated holdings of the three are 262.78 tonnes.
India, as indicated by World Gold Council, has the eleventh biggest gold reserve at 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,378 and 2,814 tonnes, individually).
As per GFMS Gold Survey, India tops the list of countries consuming gold jewellery, with a consumption of 107.6 tonnes amid Q3 of the calendar year 2016.
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