The Commerce Ministry’s data showed that gold imports of India plunged 81.22% to $2.47 billion (about Rs 18,590 crore) during April-July period of 2020-21 as compared to $13.16 billion (about Rs 91,440 crore) in the corresponding period of 2019-20. The decline in imports was due to a significant fall in demand in the wake of COVID-19 pandemic. Besides, in volume terms, the country imports 800-900 tonnes of gold annually.
Gold imports have been recording a negative growth since December last year. The fall in March, April, May and June was to the tune of 62.60%, 99.93%, 98.40% and 77.50%, respectively. However, imports grew marginally by 4.17% to $1.78 billion in July as against $1.71 billion in the same month last year.
Similarly, silver imports during the first four months of the current financial year also dipped 56.5% to $685.32 million (about Rs 5,185 crore). Gems and jewellery exports declined by about 66.36% to $4.17 billion in April-July 2020.
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