India imported 651.24 tonnes of gold in financial year 2020-21, as compared to 719.94 tonnes in the year-ago period, according to official figures.

In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Anupriya Patel said the imports stood at 982.71 tonnes in FY 2018-19. Replying to another question, she said that the import of toys, games, sports equipment from China is showing a declining trend.

Gold consumption in India increased to 797.3 tonnes in 2021, the highest in the past five years, according to the World Gold Council (WGC) data released on January 28, 2022.

Gold jewellery demand doubled year-on-year in 2021, surging past pre-pandemic levels to reach a six-year high of 610.9 tonnes, fuelled by weddings and festival season demand. The consumption was mainly driven by urban consumers.

Total gold imports increased 165% to 924.6 tonnes from 349.5 tonnes in 2020. India's gold consumption is expected to rise further in 2022 after jumping 79% last year as pent-up demand and an improvement in consumer confidence are seen boosting retail jewellery sales, WGC said in the report.

Indian demand has averaged 769.7 tonnes over the last 10 years.