INDIA July 18 2016 6:10 PM

MUMBAI (Scrap Register): India Gold imports fell by about 48%to $3.90 billion in the first quarter of the current fiscal. This is expected to keep a lid on the current account deficit, according to data by the Commerce Ministry.

The contributory factor for the fall is seen as sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge. Gold imports of the country stood at $7.51 billion in April-June 2015.

As per the data silver imports declined to $249.39 million in June as against $342.37 million in the same month last year. Shipments of pearls, precious and semi-precious stones showed a decline of 13.52% in June.

The inbound shipments contracted for a fifth consecutive month in June by 38.5%to $1.20 billion and the contraction in imports helped narrow trade deficitto $8.11 billion last month as against $10.82 billion in June 2015.