India may stop refined gold imports in next five years, say experts

In 3-5 years, domestic refineries would meet the whole demand

Import of refined gold might stop in three to five years, claim experts. At present, India’s annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, domestically refined gold has been becoming more and more important.

“India will stop importing gold in five years,” said Rajesh Khoshla, a veteran of the Indian bullion industry and chairman emeritus of MMTC-PAMP. He added that domestic refineries will meet the entire demand.

This will include gold refined from imported doré bars, recycled metal, mobilisation through monitisation, as well as mining of about 100-150 tonnes. This will replace imported