Economic Survey flags gems and jewellery impact on trade, inflation and credit
India’s Economic Survey FY25–26 outlines how the gems and jewellery sector shaped exports, gold imports, inflation and lending, highlighting diversification gains and rising macro pressures for policymakers and industry.
Rising Gold Prices Cast Shadow on India's Festive Jewellery Demand
India’s festive gold demand is likely to dip this year as soaring bullion prices threaten to dampen jewellery purchases, industry experts warn.
India’s Gold Imports Plunge to 20-Year Low Amid Record Prices
India’s gold imports are set to drop by a staggering 85% in February compared to the same month last year, hitting their lowest level in two decades, according to a report by Reuters
India’s Festive Gold Buying Surges Despite Record Prices
As Dhanteras and Diwali draw near, Indian consumers are actively purchasing gold despite record-high prices, driven by hopes for strong returns amid a cooling stock market. This surge in demand may further elevate global gold prices and impact India's trade balance, indicating a robust festive buying sentiment
India’s Gold Duty Cut Expected to Drive Festive Buying Surge
India's recent gold import duty cut is expected to spark a surge in gold demand during the upcoming festive season. With duties reduced from 15% to 6%, the move aims to make gold more affordable for consumers and boost retail purchases amid the peak wedding and festival period
Gold Imports Dip 4% in April-July as Jewellers Await Festive Boost
India's gold imports fell by 4.23% to USD 12.64 billion from April to July 2024-25, reflecting global economic uncertainties, according to recent government data
Government Imposes Restrictions on Gold Jewellery and Parts Imports Amid Unusual Surge
In response to a significant increase in gold jewellery and parts imports, the Commerce and Industry Ministry has imposed immediate restrictions, as indicated by a recent notification from the Directorate General of Foreign Trade (DGFT)
Gold imports fell by 30% to $31.8 billion during April-February 2023
Despite the substantial decrease in gold imports, the country's trade deficit, which is the disparity between imports and exports, has not been reduced.
India's gold imports for January have hit a 32-month low, plummeting 76% from the previous year's numbers
The country imported 14.6 tonnes of gold in January 2023, down from 61.5 tonnes in January 2022. The lower demand for gold has affected not only India's import figures but also global gold prices, which fell on the news of India's reduced imports.
India's Gold consumption sees a 3% drop in 2022
India's gold consumption declined to 774 tonnes last year as demand dropped 20%.
The Cost of Smuggling Gold
India’s Finance Minister asked to review GST and cut down import taxes on gold to brace illegal gold imports
Government increases import tax on gold by 5%
Government increases import duty on gold to 12.5% from 7.5%
Gold Imports Surge 677% in May to Highest in a Year Amid Price Corrections
However, local gold futures fell to INR 49,572 per 10 grams in May, the lowest in nearly three months
India's gold imports rise to $46.14 bn in FY22
The surge in gold imports during the last financial year contributed to the widening of the trade deficit to $ 192.41 billion, against $ 102.62 billion in 2020-21
Jan gold imports 40.5% lower than the same month in 2021
Experts say the surge in gold imports in 2021 was driven by the pent-up demand of 2020 -- they are expected to moderate to $30-$35 billion in this calendar year.
