India's gold imports fell by 24.15% to $35 billion in FY2022-23, compared to $46.2 billion in FY2021-22, according to data from the commerce ministry, attributed to a global slowdown, particularly in developed economies. Nonetheless, the import value of the yellow metal stood at $3.3 billion in March 2023, compared to $1 billion in the year-ago period. Experts have pointed to high import duties as the reason for the dip in gold imports, which were increased to 15% from 10.75% in 2015 to correct the current account deficit. Meanwhile, silver imports increased by 6.12% to $5.29 billion in the same period.

In Q1 2023, gold demand in India fell by 17% to 112.5 tonnes YoY due to high prices and market volatility, according to data from the World Gold Council (WGC). However, the value of gold demand was only down by 9% to INR 56,220 crore, compared to INR 61,540 crore in Q1 2022. Jewellery demand in India also decreased by 17% to 78 tonnes in Q1 2023, compared to 94.2 tonnes in Q1 2022. Nevertheless, India's overall gem and jewellery exports increased by 2.48% to INR 3,00,462.52 crore ($37468.66 million) in FY 2022-23, led by growth in polished lab diamonds, gold jewellery, plain gold jewellery, coloured gemstones, and silver.

The USA, Hong Kong, and the UAE are India's major export markets, and the implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) drove the 17% growth in exports of plain gold jewellery in 2022-23, according to the Ministry of Commerce & Industry. The WGC predicts a healthy investment upside in 2023, although it anticipates a more muted outlook for fabrication (jewellery and technology) in the same period.