NEW DELHI: The country’s gold imports fell by 36.48 per cent to $3.53 billion in November this year on account of sluggish global prices. The world’s second-biggest gold consumer had imported gold worth $5.57 billion in the same month last year.
Data released by the Commerce Ministry showed that import of both gold and silver has declined in value terms in November this year. Even the overseas purchase of pearls, precious and semi-precious stones has taken a hit.
Silver imports declined by over 55 per cent to $285.01 million in November this year from $643.71 million in the year-ago period.
In the London market, the average gold prices had fallen to $1,088 per ounce in November this year while its rates were high at $1,176 in the same period last year. Silver prices had also dropped in the same period.
That apart, import of pearls, precious and semi-precious stones declined 53.49 per cent to $977.51 million from $2,101.75 million in the said period.
As per the data, exports of gems and jewellery too narrowed by about 22 per cent to $2.89 billion in November this year, as against $3.68 billion last year. Experts said gems and jewellery shipments have been declining for the last few months in the wake of sluggish global demand.
According to the All India Gems and Jewellery Trade Federation, gold imports are expected to cross 1,000 tonnes this year, buoyed by a sharp fall in global prices, as against 900 tonnes in 2014.
Gold is the second-largest import item for India after petroleum. Higher gold import bill adversely affects the country’s current account deficit, which takes hold when value of imports is more than that of exports.
