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Imports made up 86% of India’s gold supply between 2016-2020, continue to grow despite high import duty, highlights World Gold Council Report

Imports made up 86% of India’s gold supply between 2016-2020, continue to grow despite high import duty, highlights World Gold Council Report

KOCHI: The World Gold Council today launched a report titled ‘Bullion Trade-in India’, as part of a series of in-depth analysis on the Indian gold market. The report highlights how, with very little mining and modest levels of recycling, India is heavily reliant on bullion imports to meet its domestic demand. Indian official imports have continued to grow despite high import duty, with official imports averaging 760t since the first duty hike in 2012. The higher import duty has led to increase in unofficial imports with the east/north-east and south states acting as main channels for gold smuggling. Gold smuggling also have shifted away from sea in favor of air and land routes. The last decade witnessed an increase in doré shipments due to the lower duty applicable on it.

 

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