The festive season, the wedding season is likely to increase gold imports

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(Commercial Representative) Mumbai: The Gems and Jewelery Export Promotion Council (GJEPC) has said that gold imports to India are likely to increase further in the coming months due to rising demand for gold due to the festive and wedding season. Gold imports, which affect the current account deficit, rose to ૨૪ 6 billion during April-September 2011.

The council says there has been a fluctuating trend in gold imports over the past six months and the figures are coming in at pre-level levels. Gold imports stood at 12.5 tonnes in May 2021 and 12.5 tonnes in June 2021.

The time was a nationwide lockdown and for a short time many industries, including gems and jewelery, came to a standstill. Gold imports picked up the second highest in August at 114.05 tonnes.

Colin Shah, chairman, GJEPC, said the increase in gold imports in July, August and September 2021 was due to the lifting of the lockdown and increased domestic and export demand, with a sharp rise in demand for products at the start of the festive season.

With this, he said, gold imports are likely to increase further in the coming months due to the festive and wedding season, which is likely to boost demand in the domestic and major international markets for jewelery. In the first half of the current financial year, exports of gems and jewelery rose to 12.5 billion.


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