India's Gold Imports

Lower imports by India, the world's second-biggest consumer of the precious metal, could cap a rally in global prices that hit a record high in October

India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according to government data. The imports stood at USD 13.2 billion in April-July 2023. In July alone, the imports declined by 10.65 per cent to USD 3.13 billion as against USD 3.5 billion in the same month last year. The inbound shipments were also in negative during June (-38.66 per cent) and May (-9.76 per cent). In April, the imports jumped to USD 3.11 billion from one billion in April 2023. According to a jeweller, the high prices are discouraging the imports but it will go up from September as festive season will start in India and the import duty cut benefit is also there. The government has slashed the customs duty on gold and silver to 6 per cent from 15 per cent. Gold prices rose Rs 300 to Rs 73,150 per 10 grams in the national capital on August 14 amid a jump in precious m

India may give quota-based duty concession on gold imports from Switzerland under the proposed free trade agreement with the four European nation bloc EFTA, sources said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Sources also said that India has sought an investment commitment of USD 50 billion during the first ten years after the implementation of the agreement and another USD 50 billion over the next five years from the member countries of the bloc. Import duty concession on gold was a major demand of Switzerland from India in the agreement. Gold accounts for about 80 per cent of India's imports from Switzerland. New Delhi has extended 1 per cent duty concession to domestic importers on a specified quantity of gold under TRQ (tariff rate quota) in a trade pact with the UAE. "Similar duty concessions are also being worked out under the EFTA agreement," one of the sources said. An email query to the commerce ministry o

India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to USD 12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at USD 12 billion during the same period a year ago. In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to USD 2.4 billion, as per the latest data released by the commerce ministry. Increase in gold and oil imports during the first four months of this fiscal contributed to a record trade deficit of USD 30 billion, against USD 10.63 billion in April-July 2021. India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during the first four months of the current fiscal grew by about 7 per cent to USD 13.5 billion. A wider trade gap during 2021-22 expanded the country's current account deficit at 1.2 per cent of GDP agains

India imported 101 tonnes of gold in May, compared to 13 tonnes a year earlier

The surge in gold imports during the last financial year contributed to the widening of the trade deficit to USD 192.41 billion, against USD 102.62 billion in 2020-21

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly 17% from an all-time high of $2,072 in August 2020

Imports of the yellow metal stood at $8.75 billion in the corresponding period of 2019-20.

The world's second-biggest buyer of gold imported 36.26 tonnes in January, compared with 69.51 tonnes a year earlier, the source said on condition of anonymity

This year sales on Dhanteras, the most auspicious day in the country to buy the metal, slumped even as jewelers lined up offers to draw in buyers.

The agency sees the geopolitical climate and equity markets as supportive for gold's role as a risk hedge

Lower gold imports could also help the South Asian country reduce its trade deficit

According to the World Gold Council, Indian consumers probably bought 650-750 tons of the metal last year

Surge in bullion imports is a matter of concern

Good monsoon, farm loan waiver key to bring more customers to jewellery shops

Silver imports too jumped to $442.9 million in May from $39.54 million in the same month last year