GJEPC Highlighted Key Drivers of Rising Gold Imports

SEATTLE (Scrap Monster): The Gem and Jewellery Export Promotion Council (GJEPC) outlined several key factors that contributed to the significant surge in gold import volumes by the country during March 2021. It must be noted that gold imports had surged higher significantly by 471% compared with the same month a year before.

According to the trade body, multiple factors contributed to the rise in gold imports to 160 tonnes. One of them is undoubtedly the improved business and consumer sentiments. The other major factors include recent drop in gold prices and boosted demand on account of wedding season. The surge in demand for Indian gem and jewellery products from overseas markets including the U.S. and UK also boosted imports of the yellow metal.

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In addition, the series of virtual gem and jewellery trade shows and buyer seller meets (VBSMs) arranged by GJEPC resulted in bulk orders for Indian gem and jewellery manufacturers.

Mr, Colin Shah, Chairman, GJEPC said that the higher gold imports reflects the positive trend in the domestic and international markets. GJEPC expects notable growth in exports of jewellery during the current fiscal as well. Meantime, Shah noted that the gold imports, which had averaged at around 80 tonnes a year in 2018-’19, declined to 50 tonnes in 2020. It must be noted that gold imports had dropped to 28 tonnes in March 2020, compared with 93 tonnes in March 2019.