Gold shipments into Gujarat register highest rise in last four years: GSECL

Volume of gold imported into Gujarat, a major jewellery market, has seen a substantial positive rise for the first time in the last four financial years, according to the data shared by the Gujarat State Export Corporation Limited (GSECL).

In 2014-15, shipments of yellow metal into the state registered 66.79 per cent rise in volume from the previous financial year, the largest in the last four financial years. Gold import for 2014-15 stood at 152.24 metric tonnes (MTs) while, in 2013-14, it was 91.27 MTs.

In 2012-13, volume of the yellow metal shipments stood at 193.34 MTs. Overall gold imports in 2011-12 stood at 223.62 MTs, while the figure stood at 264.86 MTs in 2010-11.

Silver shipments for 2014-15 reduced by 56.15 per cent and were clocked at 624.90 MTs. In 2013-14, import of the white metal was recorded at 1425.11 MTs.

Attributing the increase in import of the yellow metal to low gold prices in international market, an industry official said, "Gold prices in global markets over the last one year has remained low. Moreover, domestic demand has been stable and this has given impetus to shipments."

The official added that rise in import of gold is a sign that the economy is recovering slowly.

Silver shipments, according to the industry official, reduced on account of decrease in investments by customers and also because of excess of silver inventory with traders.

Gold and silver import had reduced considerably post August 2013 after the then Union government increased duty on these metals to control spiralling Current Account Deficit (CAD).