India’s gold imports to rise in coming months, says GJEPC

By

Maverick Martins

Published
Oct 21, 2021

Indian gold imports are expected to rise in the coming months due to strong demand for jewellery during the ongoing festive and wedding season, according to the country’s official jewellery body Gems and Jewellery Export Promotion Council (GJEPC).
 

Gold imports have recovered in the last three months after being severely hit due to the second wave of Covid-19 that resulted in nationwide lockdowns coupled with the closure of businesses.
 
The country’s gold imports zoomed to about $24 billion during April-September 2021.

Commenting on the rise in imports, Colin Shah, chairman of GJEPC, in a statement said: “The increase in imports during July, August, and September 2021 was due to the lifting of lockdowns, revival of the domestic and export demand, and the start of the festive season which has resulted in a sharp rise in demand of the products.”
 
“We expect that imports of gold will further rise in the forthcoming months as peak festive/wedding season will further boost the demand for jewellery both at home and key international markets,” Shah added.
 
India is the largest importer of gold mainly catering to the needs of the jewellery industry and imports 800-900 tonnes of gold annually.