India’s gold imports rose to $7.9 billion in the first quarter of the current fiscal year (April-June 2021), PTI news agency quoted a source from the Indian Ministry of Commerce as saying.
Prior to that, India’s gold imports fell to $688 million in the same period last year.
The substantial increase in gold imports has resulted in India’s trade deficit widening to around $31 billion in the period April-June 2021.
According to sources in New Delhi, India is the world’s largest gold importer, mainly serving the needs of the jewelry industry. In terms of volume, the country imports 800-900 tons of gold annually.
Meanwhile, India’s exports of gems and jewelry grew to $9.1 billion in the first three months of the current financial year, compared with $2.7 billion in the same period a year ago.
However, India’s silver imports during the period fell 93.7% to $39.4 million.
