Gold Imports

Gem and Jewellery Export Promotion Council says step will balance trade deficit with the US

The revised data also suggests a narrowing of India's trade deficit by $5 billion, reducing it to $32.8 billion in November from the previously reported all-time high of $37.8 billion

The spike in gold imports widened the country's merchandise trade deficit to a record $37.84 billion in November, significantly exceeding economists' forecast of $23.9 billion

Trade data released on Monday showed that India's trade deficit reached a fresh high of $37.8 billion in November, driven by a surge in merchandise imports

According to CAIT survey, the period from November to mid-December is likely to witness 3.5 million weddings in India

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies

Trade deficit widens to $19.1 bn as gold imports treble

As of September 2023, the Reserve Bank of India held 800.79 metric tonnes of gold, including gold deposits of 39.89 tonnes

India may give quota-based duty concession on gold imports from Switzerland under the proposed free trade agreement with the four European nation bloc EFTA, sources said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Sources also said that India has sought an investment commitment of USD 50 billion during the first ten years after the implementation of the agreement and another USD 50 billion over the next five years from the member countries of the bloc. Import duty concession on gold was a major demand of Switzerland from India in the agreement. Gold accounts for about 80 per cent of India's imports from Switzerland. New Delhi has extended 1 per cent duty concession to domestic importers on a specified quantity of gold under TRQ (tariff rate quota) in a trade pact with the UAE. "Similar duty concessions are also being worked out under the EFTA agreement," one of the sources said. An email query to the commerce ministry o

Some refineries stayed away from giving an undertaking to govt. for not importing unrefined gold from LDCs

Indian jewellers having a valid license to import a specified quantity of gold at concessional customs duty from the UAE, under the free trade agreement, can import it through bullion exchange IIBX, according to a government notification. The Directorate General of Foreign Trade (DGFT) notification also said that those companies can obtain the physical delivery of the consignment through IFSCA (International Financial Services Centres Authority) registered vaults located in special economic zones, as per the authority's guidelines. The India-UAE free trade agreement, which came into force in May 2022, provides one per cent duty concessions to domestic importers on a specified quantity of gold under TRQ (tariff rate quota) provisions of the pact. The DGFT provides TRQ certificate to companies for imports and they are also notified by IFSCA. "Valid India UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same thro

The price of ten grams of 22-carat gold was Rs 54,650, at par with yesterday's price

India's gold imports, which have a bearing on the current account deficit, fell about 30 per cent to USD 31.8 billion during April-February 2023 due to high customs duty and global economic uncertainties, according to data from the commerce ministry. Imports of the yellow metal stood at USD 45.2 billion in the corresponding period of 2021-22. The imports are in the negative zone since August 2022. Silver imports, however, rose by 66 per cent to USD 5.3 billion during April-February 2023. The significant fall in gold imports though has not helped in narrowing the country's trade deficit -- the difference between imports and exports. The merchandise trade deficit for April-February 2022-23 was estimated at USD 247.52 billion against USD 172.53 Billion in the year-ago period. According to industry experts, high import duty on gold and global economic uncertainties are the reason for the dip in the imports of the precious metal. "India imported about 600 tonnes of gold during ...

India did not slash the import duty on gold in its budget presented on Feb. 1 but raised the import duty on silver

The effective duty on gold is currently 18.45%, which includes 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes

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Amid rising risks to external demand, the government is concerned about widening trade deficit, bringing the focus back on curbing non-essential imports

The drop in imports could help in bringing down India's trade deficit and support the rupee

The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year

In Mumbai, the yellow metal is going at a discount of $7-10 per ounce while in Ahmedabad it is $7