Home / Metal News / India’s Gold Imports Down 24% In 2016-17 Fiscal Year

India’s Gold Imports Down 24% In 2016-17 Fiscal Year

iconApr 10, 2017 11:35
Source:kitco
Indian gold imports dropped 24% during the 2016-17 fiscal year (FY), according to the latest data released by the Ministry of Commerce and Industry.

Anna Golubova  Sunday April 09, 2017 18:15

Indian gold imports dropped 24% during the 2016-17 fiscal year (FY), according to the latest data released by the Ministry of Commerce and Industry.

Overall, gold imports were at $23.2 billion during the last FY (April-February), in comparison to $30.7 billion registered in the 2015-16 FY. In volume terms, 560.32 tonnes of gold was imported in 2016-17 FY.

In contrast, an a monthly basis, gold imports rose to $3.5 billion in February from the $1.4 billion reported during the same month last year.

India is a major importer of gold, with the national demand primarily being driven by the jewellery industry.

But, in light of the imposition of excise duty on non-silver jewellery in 2016, the country saw an annual decline in physical gold demand.

More than 300 jewellers associations went on strike on March 2, 2016, and kept their doors closed for 42 days in response to the additional duty.

gold imports

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All