The annual consumption of gold in Ayurvedic industry has increased by four times to 4000 kg (4 tonnes) during 2003 compared to 1 tonne during 1993. According to market sources, the increasing market for Ayurvedic drugs especially products for rheumatic illnesses and sex performance enhancers has contributed significantly to this growth.
Another key factor, which triggered the free usage of gold in Ayurvedic products, has been the lifting of the Gold Control Act (GCA) by the Union government in 1990. Since then the consumption of gold for therapeutic usages has been going up every year.
The increasing exports of such Ayurvedic products to SAARC and South East Asian markets are also responsible for the increased consumption of gold in the Ayurvedic sector.
According to the Gold Control Act, gold usage in therapeutic preparations had been restricted to about 200 gm per company. Also, there were restrictions on the promotion of gold ingrained medicines. "In 1990, government abolished the GCA. Import of gold by NRIs living abroad was allowed. Also in 1992, restriction on promotional and advertising campaigns of such medicines was lifted. Subsequently, gold consumption in Indian Ayurvedic industry has been increasing," said Madhusudan Daga, well-known gold expert based in Mumbai.
According to him, gold usage in Ayurvedic medicines during 1993 was one tonne (1T), 1994 (1T), 1995 (2T), 1996 (2T), 1997 (2T), 1998 (2T), 1999 (3T), 2000 (4T), 2001 (5T), and 2002 (4T). In 1988-89, before the Act was abolished, the total gold consumption by Indian Ayurvedic industry has been about 200-300 kg.
"Currently our company use about 5 kg of gold annually. Before, 1990, the usage was restricted to about 200 gms," said Shashank Sandu, director, Mumbai-based Sandu Pharma. Zandu Pharmaceuticals use about 15 kg of gold currently compared to several hundreds of grams before 1990, said a senior company official.
In any Ayurvedic preparation, gold is utilized after oxidizing it with other ingredients into a consumable concoction or Bhasma. Gold comprises about 30 per cent of the Bhasma. In Ayurveda, gold is predominantly used for the synthesis of drugs for rheumatic illnesses and sex performance enhancers.
The Indian herbal market today stands at about Rs. 4,000 crore growing at a rate of 15 per cent annually. Of this, the combined market for medicines towards rheumatic diseases and sex enhancers stands at Rs. 150-200 crore. "Due to a rise in awareness, people in India today rely more on Ayurvedic medicines for rheumatic illnesses compared to Allopathy. With the arrival of sildenafil citrate brands in the country, people have become more aware of erectile dysfunction. Ayurvedic medicine manufacturers have used this awareness to promote natural and safer Ayurvedic drugs for impotency and sex performance enhancement," said Pulin Shroff, managing director, Charak Pharma Pvt Ltd.
Zandu Pharma, Baidyanath, Sandu Pharma, Charak Healthcare, Bajaj Sevashram are some of the major manufacturers producing gold ingrained Ayurvedic formulations. More than 6,000 Ayurvedic manufactures are estimated to operate in the country till today. Baidyanath's Vita-Ex Gold (energy enhancer) and Shankhpushpi (memory enhancer), Zandu's Rhumayog (rhumatic diseases), and Sandu's Mokardwaj (sex enhancer) and Bruhat Vat Chintamani (neuro muscular illnesses) are some major brands.