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Gold imports: up by 11 percent this year
Posted on: 24/Dec/2015 5:05:05 PM
The world`s second-biggest gold consumer India is likely to see a jump of 11 per cent in imports of the metal to 1,000 tonnes this year, says a trade body. India had imported around 900 tonnes in 2014.
Gold import is estimated at around 1,000 tonnes in 2015 calendar year, compared to around 900 tonnes last year. All India Gems and Jewellery Trade Federation has mentioned that India has already imported 850 tonnes of gold from January-September of 2015 as against 650 tonnes in the first 9 months of last year.
Gold imports are expected to be 150-200 tonnes in the last quarter, as against 300 tonnes in the year-ago period. Festival and wedding purchases were brought forward to take advantage of the price dip, therefore demand towards the end of the year is likely to be correspondingly affected.
Gold is the second-largest import item for India after petroleum. Higher gold import bill adversely affects the country`s current account deficit.
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