Gold import bill may hit five-year high in 2017

Good monsoon, farm loan waiver key to bring more customers to jewellery shops

India’s gold imports in terms of quantity in the first half of 2017 crossed the entire imports of 2016. According to data compiled by GFMS Thomson Reuters, India imported 510 tonnes of gold in 2016, while the imports in the January-June 2017 period were 521 tonnes.

In 2016, the imports bill for gold in value terms according to the Ministry of Commerce was $23 billion and till June this year, industry estimates stood at $22.2 billion.

Going by industry estimates, gold import are likely to cross 900 tonnes against the average imports of 709 tonnes in the past five years,