The imports of gold rose by 71.52% in December on account of lower global prices coupled with a robust local demand. According to data compiled by the Commerce Ministry, gold imports by India stood at $3.39 billion in December 2017 as against $1.97 billion a year ago.
Besides, silver imports too rose by 106% to $197.26 million last month as against $95.84 million in December 2016. The ministry’s data further showed that export of gems and jewellery rose marginally by 2.38% to $3.23 billion from $3.15 billion in the said period.
India is the world’s second-biggest consumer of gold and the country imports 700-800 tonnes gold annually.