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Gold imports jump to $ 24 billion in April-September

Gold imports, which impact the current account deficit, hit around $ 24 billion from April to September 2021 due to higher demand in the country, according to data from the Ministry of Commerce. Imports of the yellow metal amounted to $ 6.8 billion in the corresponding period last year, the data showed.

Gold imports in September this year also reached $ 5.11 billion from $ 601.4 million in the same month last year. On the other hand, silver imports fell 15.5% to $ 619.3 million during April-September of this fiscal year. However, during the month of September, those imports jumped to $ 552.33 million from $ 9.23 million in September 2020.

A significant jump in gold imports led to a record widening of the country’s trade deficit, the difference between imports and exports, to $ 22.6 billion in September of this fiscal year from $ 2.96 billion. dollars the previous year. India is the largest importer of gold, which mainly meets the demand of the jewelry industry. In terms of volume, the country imports between 800 and 900 tonnes of gold per year.

Exports of precious stones and jewelry rose to $ 19.3 billion in the first half of the current fiscal year from $ 8.7 billion in the same period a year earlier. Gems and Jewelry Export Promotion Council of India (GJEPC) Chairman Colin Shah said “the holiday season and high demand” in the country are accelerating gold imports. Sharing similar views, Federation of Indian Export Organizations (FIEO) chief executive Ajay Sahai said demand is mainly driving gold imports. “Less spending on weddings due to Covid saved money and that saving is also used to buy gold. Those skeptical of the third wave of COVID-19 are also investing in gold. In addition, those who profit from the stock markets also diversify their portfolio of gold investments, ”Sahai said.




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