‘Gold imports rose to 160 tonnes in March due to duty cuts and increase in demand’

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Imports of gold increased to 160 tonnes in March due to decrease in yellow metal price and demand from export markets.

Gold imports increased in March

The Gem and Jewelery Export Promotion Council (GJEPC) said gold imports rose to 160 tonnes in March due to lower tariffs to 7.5 per cent, lower prices of precious metals and increased demand from export markets. According to GJEPC data, during 2019-20, the import of gold was 28.09 tonnes in March.

GJEPC said that the increase in gold imports was mainly due to easing of lockdown, marriage season in India, improvement in trade and consumer sentiment. Along with this, after the recent fall in gold prices, the demand for gems and jewelery products from export markets like America, UK has increased.

Gold import increased due to these reasons

GJEPC believes that in the said period, it is time for festivals in the domestic market and various countries, the resumption of mining and export activities, the resumption of production activities in domestic and global markets, the development and vaccination of corona vaccines Due to various reasons like relaxation in travel, the demand for gold increased.

GJEPC President Colin Shah said, “We will have to observe overall market trends in the coming months to come to a reasonable conclusion.”

Gold import up 22.58% in the last financial year

In the last financial year 2020-21, gold imports increased by 22.58 percent to reach $ 34.6 billion or 2.54 lakh crore rupees. Gold imports affect the current account deficit (CAD). According to the figures of the Ministry of Commerce (Finance Ministry), gold imports have increased due to increasing domestic demand. According to the data, silver imports declined by 71 per cent to $ 791 million during the financial year. In the previous financial year 2019-20, gold imports stood at $ 28.23 billion.

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Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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