India’s gold imports halve to $6.8 billion

The photo has been used for illustrative purposes.

Gold imports by India declined 57.12 per cent in the first half of the current financial year (2020-21) to $6.8 billion as demand has been largely hit by the pandemic.

During April-September FY20, the value of gold imports stood at $15.80 billion.

As per the Commerce Ministry data, import of the yellow metal last month stood at $601.43 million, 52.85 per cent lower on a year-on-year basis.

Silver imports too have slumped during over the past six months. During April-September, silver worth $733.57 million was imported, 63.41 per cent lower than imports worth $2 billion recorded a year ago.

In September FY21, India imported silver worth just $9.40 million, nearly 94 per cent lower than $154.54 million recorded during the same period last fiscal.

India’s total imports in September fell 19.60 per cent to $30.31 billion from $37.69 billion reported a year ago.

Meanwhile, the gems and jewellery industry seems to be bouncing back in Jaipur, Rajasthan, after being badly hit during the COVID-19 pandemic as the wedding season approaches and the jewellers have started receiving orders for the same.

Indian jewellers are also adapting to the ‘new normal’ while going the e-commerce way during the pandemic. Also the artisans who lost their work during the lockdown have been engaged again as the industry seems to be picking up, said Sanjay Kala, president, Jewellers Association.

Indo-Asian News Service

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