India's gold imports in March surged 471% from a year earlier to a record 160 tonnes due to a reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers, according to an ET report citing an Indian government source to Reuters.
As per the report, India’s higher imports could support benchmark gold prices, which have corrected nearly 17% from an all-time high of $2,072 in August 2020. The surge in imports could increase India's trade deficit and pressure the rupee. India imported a record 321 tonnes in the March quarter, up from 124 tonnes a year ago, according to the source.
In value terms, March imports surged to $8.4 bn from $1.23 bn a year ago. In February, India slashed import duties on gold to 10.75% tax from 12.5% to boost retail demand and curtail smuggling into India.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Exclusive
Helga Pombal: Angola's Stardiam finds solution to the threat posed by lab-grown diamonds
Stardiam manager of production Helga Pombal told Rough&Polished's Mathew Nyaungwa on the sidelines of the Angola International Diamond Conference that lab-grown diamonds are creating a parallel market for more accessible stones, combined with lower...
11 november 2024
Ellah Muchemwa: ADPA to launch Africa's first diamond mining standard next year
The African Diamond Producers Association (ADPA), which is based in Luanda, Angola, and represents the interests of mainly African diamond producers and those with the potential to produce diamonds, will next year launch the Sustainable Development...
04 november 2024
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
