India Gold Imports Go Through the Roof in Early-2021

SEATTLE (Scrap Monster): The gold imports by India during the month of January this year surged higher significantly from the previous year. This is mainly on account of boosted purchases by retail buyers and jewellers, following correction in gold prices, which have been riding high for past several months.

According to government sources, who wished to remain anonymous, the country’s gold imports totalled around 62 tonnes in the month. This is substantially higher by 72% when matched with the imports which had totalled only 36.5 tonnes during the same month a year before. In value terms, the imports were up from $1.58 billion a year before to $4.04 billion in January 2020.

RELATED NEWS:

Jewellery Industry Demands Rollback of Gold Import Duty to 4%

RBI's Gold Bond Scheme Now Open for Subscription

Meantime, the data published by the Gems & Jewellery Export Promotion Council (GJEPC) suggests that gems and jewellery exports by the country witnessed year-on-year decline by 7.8% from $2.9 billion in January last year to $2.7 billion Jan ’20. The cumulative exports were down by 37% to $19.24 billion in Apr ’20-Jan ’21. The exports had totalled only $30.52 billion during the similar ten-month period a year before.

The gold jewellery shipments reported notable decline by 65% to $3.55 billion in January 20201. However, the overall gold jewellery exports for the first 10 months of the current fiscal year rose marginally by 5.33% to approximately INR 72,000 crore.