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India Gold imports decline sharply during April-June

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MUMBAI (Scrap Register): India’s Gold imports fell by 25 percent to $8.43 billion in April-June 2018-19 period due to sliding bullion rates in both global and domestic markets.

According to the commerce ministry data, Gold imports had amounted to $11.26 billion in April-June 2017-18. The imports of the metal have been declining since January this year.

Jewellery demand has been weak in the country from earlier policy actions. India accounts for more than one-quarter of global Gold jewellery consumption.

Global Gold mine supply continues to climb, up for the ninth straight year in 2017, with increases in all main regions except China where environmental regulations have led to mine closures.

However, over the longer term, miners face rising production and development costs, as well as declining ore grades at existing operations.

India is the world’s largest importer of Gold, which mainly caters to the demand of the jewellery industry.

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