According to the Gem Jewellery Export Promotion Council (GJEPC), India's gold imports rose to 1,067.72 tonnes in 2021 from 430.11 tonnes in 2020 due to the outbreak of the COVID-19 pandemic. A statement said that the import of gold in the year 2021 has been 27.66 percent higher than the import of 836.38 tonnes in the year 2019.
Most imports from Switzerland
In this regard, if we look at the report of the Council, in the year 2021, 469.66 tonnes of gold was imported from Switzerland the most. Whereas 120.16 tonnes of gold was imported from United Arab Emirates (UAE), 71.68 tonnes from South Africa, and 58.72 tonnes from Guinea. GJEPC President Colin Shah said that the jewellery industry is witnessing an increase in exports and the domestic sales of gold jewellery have increased after the pandemic. Gold jewellery shipments from India grew 50 percent to $8,807.50 million in 2021, reflecting a sharp increase in demand for jewellery.
The effect of easing restrictions is visible
The report said the quantum of gold imported in 2021 is equal to 1,047 tonnes in 2015 and 1,032 tonnes in 2017. India's average monthly gold imports during April-February of FY 2021-22 stood at 76.57 tonnes, which is equal to the average gold imports done in the same period in 2018-19 and 2019-20. Gold imports during April-February in the current financial year stood at 842.28 tonnes, which is lower than the normal imports of the same period, i.e. between 690 and 890 tonnes. Shah said that as soon as restrictions were eased in various countries in 2021, the disrupted supply of gold was corrected.
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