India’s Gold Imports More Than Doubled in 2021

SEATTLE (Scrap Monster): The Gem & Jewellery Export Promotion Council (GJEPC) said that the country’s gold imports totalled 1,067.72 tonnes during the previous year, more than double of the total imports of 430.11 tonnes in 2020. Upon comparison with 2019, the 2021 imports were up by 27.66%.

Colin Shah, Chairman, GJEPC attributed the abnormal year-on-year surge in imports during 2021 to the rock bottom demand during the pandemic situation a year before.

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According to GJEPC, the largest source of imports was Switzerland, which supplied 469.66 tonnes of gold to India. The second largest supplier was the UAE with 120.16 tonnes, followed by South Africa and Guinea with supplies of 71.68 tonnes and 58.72 tonnes of gold respectively during the entire year.

The average monthly gold imports by the country during April-February of FY 2021-’22 stood at 76.57 tonnes, almost at par with the average gold imports in the same period during the prior two fiscal years. However, the gold imports during April-February this fiscal totalled 842.28 tonnes, significantly down from usual imports during the same period, GJEPC noted.

Also, the country witnessed notable surge in exports and domestic sales of gold jewellery. The exports of gold jewellery were valued at $5,876.39 million in 2021.