Gold Import, Silver Import: In August, India imported gold and silver worth a staggering ₹95,439 crore, a substantial figure reflecting the country’s strong demand. The Commerce Ministry’s latest data reveals that gold imports alone surged to a record $10.06 billion (Rs 84401 Cr), driven by a significant reduction in customs duty and robust festive demand. This represents an extraordinary 221.41% increase from July’s $3.13 billion in gold imports, marking the highest monthly value since March 2021, when imports totaled $8.5 billion.
Silver imports also saw a substantial rise, reaching $1.315 billion (Rs 11038 Cr), a 727.06% surge compared to the same month last year. In August, India imported gold valued at ₹84,401 crore and silver worth ₹11,038 crore, bringing the total combined import value to ₹95,439 crore.
In August, India exported Gem and Jewellry worth ₹16,771 crore (approximately $1.99 billion), a decrease of 22.09% compared to the same month last year, when exports totaled ₹21,527.76 crore (about $2.6 billion).
The sharp rise in gold imports is attributed to the government’s decision to cut the total customs duty on gold from 15% to 6%, announced in the 2024-25 Union Budget. Gold doré, an alloy of gold and silver, also saw a reduction in duty from 14.35% to 5.35%. This tax relief, coupled with strong cultural and festive demand for gold, has prompted jewellers to stock up ahead of the upcoming season.
Commerce Secretary Sunil Barthwal noted, “The rise in gold exports should be viewed in the context of duty reduction and not just from an import perspective. The cut in import duty from 15% to 6% is a key factor driving this rise in exports.” He also highlighted that the duty cut was aimed at curbing smuggling and boosting legal imports.
In comparison, India’s gold imports in June stood at $3.06 billion, showing a steady upward trend as the festive season approaches. Overall, India’s gold imports have risen from $33.6 billion in 2018-2019 to $48.8 billion in 2023-24, reflecting the country’s sustained demand for the precious metal.
Despite this jump in imports, India’s gold imports during the April-July 2024-25 period dipped by 4.23%, totaling $12.64 billion. However, the record August imports contributed to a widening trade deficit of $29.65 billion for the month.
Switzerland remains India’s top source of gold imports, accounting for around 40%, followed by the UAE at 16% and South Africa at 10%. Gold continues to make up over 5% of India’s total imports.
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