Indian trade group asks govt to partly shift gold, silver imports to US

Gem and Jewellery Export Promotion Council says step will balance trade deficit with the US

The Gem and Jewellery Export Promotion Council (GJEPC) has asked the Commerce Ministry that India partly shift its gold bar imports from Switzerland to the United States (US) to balance the trade deficit it has with the latter in this category. Switzerland comprises 35 per cent of India’s gold bar imports.

 

GJEPC also recommended a similar partial shift in silver bar imports from the United Kingdom (UK) to the US for the same reason. The UK accounts for 41.54 per cent of India’s imports.

 

The US imported $11.58 billion under the gems and jewellery category from India in 2024 but