Gold and Silver Imports on A Rise, Says Latest Reports

• Updated On Jul 27, 2022

Import of gold and silver has been on a rise according to the latest reports revealed. The country has imported 126 tons of gold and 1,400 tons of silver in August, 2016 alone, said the report.  After the steep fall in imports in 2013 due to government restrictions, this is the first time that gold and silver imports have registered a high.

This financial year alone, India has already imported 654 tons of gold and 6,782 tons of silver bars. Gold imports have increased by 66 per cent while silver imports have increased by a staggering 96 per cent year on year. If this trend continues, the gold import is expected to reach 980 tons by the year end, while silver imports will reach 10,172 tons. On an average, India imports30 per cent of the gold mined in the world while it imports 37 per cent of the silver mined in the world.

In April 2013, gold prices had suddenly dropped around the world forcing the Indian government to limit its people from buying gold. The reason was a current account deficit. The import duty was raised to 8 per cent in June, 2013 and further to 10 per cent in August, 2013.

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• Gold And Silver Imports On A Rise
• Gold And Silver Imports