India's gold imports, which have a bearing on the country's current account deficit (CAD), surged by about 73 per cent to $45.1 billion during April-February this fiscal on account of higher demand, according to official data. ... The gems and jewellery exports during the first nine months of the current fiscal grew by 57.5 per cent to $35.25 ...
Despite the dip in gold imports, the country's trade deficit (difference between imports and exports) widened to USD 23.5 billion in July and USD 85.58 billion during the first four months of this fiscal. India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry.
Gold Prices and Market Dynamics. Amid rising gold prices in the international market, the price of gold in Delhi-NCR increased by INR 300 to INR 73,150 per 10 grams on August 14. In contrast to the current decline, India's gold imports surged by 30% in the full fiscal year 2024, reaching USD 45.54 billion.
The surge in demand from the import duty cut was tempered by fresh record-high prices and an inauspicious period in September according to the Hindu calendarDomestic …
With consumers on a buying spree after the second wave of the pandemic, gold imports between April and November 2021 was at a nine-year high of $33.23 billion around 50 per cent higher than in the corresponding period in 2019-20, The last time gold imports crossed $30 billion in the first eight months of the fiscal year was in 2012-13.
New Delhi: India's gold imports will jump to over 700 tonnes in the current fiscal as against 500 tonnes in 2016-17, a top industry association said on Monday. Addressing a press conference here, Gems and Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya demanded that the import duty on gold be brought down to 4-5 …
Silver imports during the last fiscal, however, dipped by 71 per cent to about USD 791 million. Imports of the yellow metal stood at USD 28.23 billion (about Rs 2 lakh crore) in 2019-20, the data showed. Despite growth in gold imports, the countrys trade deficit narrowed to USD 98.56 billion during 2020-21 as against USD 161.3 billion in 2019-20.
Despite the dip in gold imports, the country's trade deficit (difference between imports and exports) widened to $23.5 billion in July and $85.58 billion during the first four months of this fiscal.
Jewellery Industry: India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global ...
According to the DoC, gold imports include 2,500 kg worth Rs 22.26 billion from the UAE, 150 kg worth Rs 1.395 billion from Turkey, and 1,364 grams worth Rs 22,000 from India. In the previous fiscal year, gold was also imported from Switzerland and Uzbekistan. Gold worth Rs 709.9 million weighing 100 kg was imported from Switzerland; and gold ...
The government updated the list of banks authorized to import gold and silver for the fiscal year 2024-25. Eleven banks, including HDFC Bank and ICICI Bank, received authorization from the Reserve Bank of India (RBI) to import gold and silver from April 1, valid until March 31 next year.
Meanwhile, gems and jewellery exports declined by 3% to $38bn during the fiscal year. India's gold imports fell by 24.15% to $35bn in 2022-23 due to global economic uncertainty and a high import duty on gold. Although silver imports rose 6.12% to $5.29bn in the same period, the significant reduction in gold imports did not help narrow the ...
The Union Minister of Commerce & Industries Piyush Goyal said that the duty cut on gold from 15 to 6 per cent has boosted the domestic demand for gold. He also urged Indian-origin global brands to promote the country's tourism potential outside through their overseas showrooms, which would give a big boost to the domestic tourism industry. In August India's …
Monthly gold imports in August surged more than three times to $10.06 billion compared to the previous month, partly due to an increase in domestic demand, a senior …
Commodities Buzz: India's Gold imports slide around 9% in value terms ... ... Market News ...
The official estimates India's gold imports this fiscal year to be around 800-850 tonnes, lower than last year's 950 tonnes. Sign up here. Additional reporting by Rajesh Kumar Singh in NEW DELHI ...
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At present, there is a 15 per cent import duty on gold. Despite the increase in gold imports, the country's trade deficit (difference between imports and exports) narrowed to USD 240.18 billion in the last fiscal as against USD 265 billion in 2022-23. India is the world's second-biggest gold consumer after China. The imports mainly take care of ...
India's gold imports hit their highest level on record by dollar value in August at $10.06bn, according to government data released Tuesday. That implies roughly 131 tonnes of bullion imports,...
From 678 tonnes of imports in FY23, it is expected to rise to 800 tonnes in this fiscal. The government had raised import duty on gold to 15 percent from 10.75 percent in July 2022 to...
Gold SWOT: Gold Imports by India Surged 40% in August. September 19, 2023 Frank Holmes ... Pan African reported its fiscal year 2023 financial results with costs in line and a slight beat on earnings driven by higher revenue. ... The metal's slide extended after the spot price broke below its 200-day moving average of about $1,920 an ounce ...
In the fiscal year 2023-24, India witnessed substantial gold imports from Qatar, surpassing a staggering $35 billion. ... Navigating Regulations for Gold Imports in India: The Indian government has established specific regulations for importing gold, and Indian gold importers must understand and comply with these rules.
In December 2023, India's gold imports rose by a whopping 156.5 percent year-on-year to $3.03 billion, taking the total for the first nine months of 2023-24 to $35.95 billion – 26.6 percent more ...
Due to the tough gold shipment policy, gold imports have fallen significantly, helping the current account gap narrow to 1.7 percent of GDP in the fiscal year to March 2014.
The following conditions are applicable for all entities to import gold bars into India: Import of gold in the form of coins and medallions is prohibited. ... in the last fiscal strengthened its position as India's most …
At present, there is a 15 per cent import duty on gold. Despite the increase in gold imports, the country's trade deficit (difference between imports and exports) narrowed to USD 240.18 billion in the last fiscal as against USD 265 billion in 2022-23. India is the world's second-biggest gold consumer after China. The imports mainly take care of ...
The surge in gold imports during the 11-month period contributed to the widening of the trade deficit to USD 176 billion, against USD 89 billion in April-February 2021. India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry.
India?s gold imports this fiscal are likely to drop 35% from a year before to 550 tonne as restrictive measures by the government and the central bank choked supplies from overseas, All India Gems ...
Gold import duty was cut by more than half in the most recent Union Budget; Long-term capital gains tax on gold was adjusted down and the holding period decreased; …
Old is gold, say jewellers as imports slide Sushma U N / TNN / Sep 14, 2013, 07:18 IST Soon, jewellers may knock on your doors asking if you would like to deposit jewellery you don't use, for a monthly interest.
Last fiscal year, the import quota was set at 140 tonnes, increasing to 160 tonnes for 2024-25, stated the official. In its June report, think tank GTRI noted a 147.6 per cent surge in India's gold imports from the UAE, from USD 3 billion in FY23 to USD 7.6 billion in FY24, prompting a call for a review of the agreement. India's gold imports ...
