India's gold imports bounced back to 1,067 tonnes in 2021: GJEPC
The Hindu
GJEPC said the industry is witnessing a surge in exports and domestic sales of gold jewellery (plain and studded) post-pandemic.
India's gold imports bounced back to 1,067.72 tonnes in 2021 from 430.11 tonnes during 2020 when the demand was hit due to the COVID-19 pandemic, Gem Jewellery Export Promotion Council (GJEPC) said on Thursday.
The gold imports in 2021 were up by 27.66% from 836.38 tonnes during 2019, it said in a statement.
The maximum quantity of gold was imported from Switzerland at 469.66 tonnes, followed by UAE (120.16 tonnes), South Africa (71.68 tonnes) and Guinea (58.72 tonnes) in 2021, it added.
Along with China, India is by far the world's largest importer and consumer of gold.
According to GJEPC Chairman Colin Shah, "About 1,067 tonnes of gold import in 2021 can be attributed to the abnormal pandemic situation a year prior when imports had nosedived to 430.11 tonnes".
The past decade has seen India's gold imports coming close to the year-prior figure. For instance, the quantity of gold imported in 2021 is comparable to gold imports of 1,047 tonnes in 2015 and 1,032 tonnes in 2017, he said.
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