61% of India's gold imports in 2014 came from Switzerland

NEW DELHI (Scrap Monster): The gold imports by India from Switzerland jumped significantly higher during the year 2014. Imports from Switzerland accounted for three-fifth of the total gold import by the country during the entire year.

According to most recent report published by GFMS Thomson Reuters detailing the country wise breakup of gold imports, 471.9 tonnes of gold were shipped from Switzerland to India during 2014. This accounts for 61% of the total gold imports by the country during the year. India’s net gold imports during 2014 had totaled 769 tonnes, according to data released by the World Gold Council (WGC). It must be noted that the country’s gold imports had dropped by 7% when compared with 825 tonnes imported during 2013.

The Swiss share of Indian gold imports has risen sharply over the past two years. When compared to the average share of 45%-50% during the entire decade prior to 2013, the percentage share of Swiss gold imports has soared to 60% in 2013 and 2014. As per industry sources, Switzerland has better systems in place as far as delivery of gold is concerned, which is the key reason behind the improved gold delivery volumes. Incidentally, Switzerland has outshined other major gold suppliers such as South Africa and Australia.

As per GFMS Thomson Reuters, India has emerged as the second largest importer of gold from Switzerland after Greater China during the year. The gold shipments from Switzerland to Greater China in 2014 had totaled 596.6 tonnes. The Indian imports of Swiss gold peaked during the final four month period of the year. The imports had averaged only around 20 to 44 tonnes during January to August. However, a significant jump in imports was witnessed during September to December last year. The gold imports from Switzerland had touched record high of 77 tonnes during last November.