India’s Gold Import Tonnage Doubled in 2021

SEATTLE (Scrap Monster): India’s gold import tonnage more than doubled in 2021, when compared with the year before. The fall in prices of the yellow metal triggered increased purchases of gold by retail buyers. The demand was also boosted by weddings, said a senior government official.

The total spending by the country on gold imports amounted to $55.7 billion in 2021. This compares with $22 billion spent during 2020. The gold import bill surpassed the previous high of $53.9 billion recorded in 2011. The volume of gold imports stood at 1,050 tonnes in 2021, touching the highest level in almost a decade. Also, the imports were significantly higher when compared with 430 tonnes imported in 2020.

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The industry participants noted that the demand remained robust during the previous year as lot of weddings scheduled for 2020 were postponed due to coronavirus outbreak. The strict lockdown imposed in the country during the first wave of the pandemic had hit gold purchases during wedding season as well as the auspicious occasion of Akshaya Tritiya when gold purchases normally witness a surge.

The notable correction in gold prices had made the commodity more affordable for retail buyers during early-2020.