Switzerland accounts for 50% of India’s gold imports in 2020-21

India's import of gold increased by a staggering 1046.7% to $7.8 bn in 2020-21. Gold constitutes 8.8% of India's overall import basket. After China, India is the second-largest consumer of gold in the world, says a report in Economic Times. 
Among all of India’s top 10 import partners, inbound shipments from Switzerland increased by 7.8% to $18.2 bn, majorly led by gold. At $16.3 bn, gold from Switzerland accounted for almost half of India’s imports of yellow metal in 2020-21. India’s overall imports of gold during the period stood at $34.6 bn markedly up from $28.2 bn imported the previous year despite the pandemic.
Switzerland replaced Saudi Arabia as India's fourth-largest partner as the latter sank by one notch. Gold imports from Switzerland have been consistently on the rise as it is the largest gold refining centre and transit hub in the world. During 2020-21, India bought gold worth $4.19 bn from UAE and $2.5 bn from South Africa. Unwrought forms of gold including bars, gold plated platinum or semi-manufactured forms and powder were top on India's shopping list last year.
An official of the Gems & Jewellery Export Promotion Council reportedly told ET that gold from Switzerland remains high on priority for buyers as some of the best gold refineries are in the Western European nation which produces the finest quality of the precious metal.
Among the factors which led to an increase in gold demand in India was the reduction of import duty to 10% from 12.5% including 7.5% customs duty. 

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished