During April-September 2021, Gold imports zoomed to about USD 24 billion amid the higher demand

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Gold imports, which have a bearing on the current account deficit, zoomed to about USD 24 billion during April September 2021 due to higher demand in the country, according to data from the Commerce Ministry. Imports of the yellow metal were USD 6.8 billion in the corresponding period last year, the data showed.

Gold imports zoomed to about USD 24 billion. during April-September 2021 due to higher demand in the country.

Gold imports during September this year too rose to USD 5.11 billion as against USD 601.4 million in the same month last year.

A significant jump in the gold imports has led to a record widening of the country’s trade deficit, the difference between imports and exports, to USD 22.6 billion during September this fiscal as against USD 2.96 billion in the year-ago period.

India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.

Gems and jewellery exports increased to USD 19.3 billion during the first half of the current fiscal as against USD 8.7 billion in the same period the previous year.

Gems and jewellery Export Pr Council of India (GJEPC) Chairman Colin Shah said that the “festive season and a lot of demand” in the country are taking up the gold imports.