Even though India's gold demand last year fell to around 760 tons, by my calculations that translates to about $ 40 B. Two-thirds of India’s gold demand comes from rural areas, where jewellery is a traditional store of wealth.https://www.hindustantimes.com/business-news/india-s-gold-demand-could-fall-to-three-year-low-as-prices-hit-record-high/story-pU4y8dvuu11sjGIEl1HAOL.html