‘Imports made up 86% of 2016-20 India gold supply’
The Hindu
Inbound shipments likely to be stronger in 2022: WGC
Imports made up 86% of India’s gold supply between 2016-2020, and inbound shipments continue to grow despite high import duty, as per a report by the World Gold Council (WGC).
Since the first duty hike in 2012, India has imported some 6,581 tonnes of gold, averaging 730 tonnes per annum, as per WGC’s ‘Bullion Trade in India’ report.
In 2020, India imported 377 tonnes of gold bars and dore from over 30 countries, of which 55% came from just two countries — Switzerland (44%) and the UAE (11%).
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