The commerce ministry in its latest data has showed that gold imports of India increased by 6.39% to $12860.94 million during April-July 2022 as compared to $12088.11 million in the same period a year ago, due to healthy demand. India is the world's second-biggest gold consumer after China.
The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during the first four months of the current fiscal grew by 6.97 per cent to $13511.47 million over $12631.44 million in the same period of last year.
However, imports of the precious metal fell sharply by 43.60 per cent to $2370.32 million in July 2022 as compared to $4203.06 million in the corresponding period of previous year.
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