India Gold Imports Witnessed Multi-Fold Surge

SEATTLE (Scrap Monster): The gold imports recorded multi-fold surge during the month of May this year, said most recent data published by the Indian Commerce Ministry. The monthly imports were valued at $679.16 million in May this year. This compares with $76.31 million worth of gold imported during the same month a year before, when the country was hit by national lockdowns following spread of coronavirus pandemic.

The cumulative gold imports during the initial two-month period (April ’21- May ’21) of fiscal year FY22 stood at $6.91 billion, as compared with imports worth $79.14 million of gold during the corresponding two-month period last fiscal. The imports were mainly driven by increased domestic demand for gold and gold products, said the Ministry data.

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On the other hand, silver imports recorded notable decline. The imports were worth $15.66 million in May this year, recording a dip by 95.3% over the previous year. The combined imports during the first two months in FY22 posted substantial year-on-year decline by 94% to total $27.56 million.

The exports of gems and jewellery from India surged higher from $1.06 billion in May last year to nearly $3 million in May 2021. The April ’21-May ’21 exports recorded multi-fold surge from the previous year to $6.34 billion.