India’s gold jewellery export grows 50% in 2021; gold imports up at 1067 tn

The Indian industry is witnessing a surge in exports and domestic sales of gold jewellery post pandemic. In the calendar year 2021, exports of gold jewellery grew by 50% to $8807.50 mn as compared to $5876.39 mn in 2020.
On the other hand, for the calendar year 2021, India imported 1,067.72 tonnes of gold, as compared to 430.11 tonnes in 2020, as per data from the GJEPC of India.
Colin Shah, Chairman, GJEPC said, “We are witnessing correction in import/export of gold that was affected due to the pandemic. During 2020, due to the restrictions in key sourcing countries for gold imports, there was a shortage of yellow metal supplied to India which resulted in de-stocking by the country's jewellery manufacturers. In 2021, as restrictions eased across various countries, the disrupted supply of gold was corrected and jewellery manufacturers in India could replenish their exhausted stock.”
“The 1067 tonnes of gold import in 2021 can be attributed to the abnormal pandemic situation a year prior when imports had nosedived to 430.11 tonnes. The past decade has seen India's gold imports come close to the year-prior figure. For instance, the quantity of gold imported in 2021 is comparable to gold imports of 1047 tonnes in 2015 and 1032 tonnes in 2017,” he added.

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