Imports of the yellow metal stood at $17.64 billion in the corresponding period of 2019-20
India's gold imports, which have a bearing on the current account deficit, plunged 81.22% to $2.47 billion during April-July period of 2020-21 due to a notable fall in demand in the wake of Covid-19
Silver imports during April-September 2020 too dipped 63.4 per cent to USD 733.57 million (about Rs 5,543 crore), the data showed
Gold imports in August nearly doubled from a year ago to the highest level in eight months on an improvement in investment demand and as some jewellers restocked after New Delhi eased lockdowns
Overseas purchases rose to 25.5 tonnes in July from 20.4 tonnes a year earlier and were almost double the amount shipped in the previous month
The reason for the demand destruction is a surge in prices and the subsequent lockdown, due to which footfalls at retail stores dropped significantly
In value terms, June imports dropped to $608.76 million from to $2.7 billion a year ago
Despite falling imports into India and China, gold prices are moving up due to high investment and consumer demand in the US
Inbound shipments fell to 1.3 tonnes last month from 105.8 tonnes a year earlier, according to a person familiar with the data
RBI took cognizance of the difficult situation amid the global coronavirus crisis and announced a number of measures for the export and import sector
Appreciation of rupee versus dollar also helped gold price fall. But outlook remains bullish as metal continues to have safe haven appeal
In value terms, April imports dropped to $2.84 million from to $3.97 billion a year ago
So far, initial exports are estimated to be of the tune of Rs 600 crore which is minuscule compared to the polished diamond inventory
The world's second-biggest buyer of gold imported 36.26 tonnes in January, compared with 69.51 tonnes a year earlier, the source said on condition of anonymity
RBI was a modest player in buying gold abroad compared to other major central banks, adding to its reserve in October after a gap of five months
The decline in gold imports has helped in narrowing the country's trade deficit to $106.84 billion during the eight-month period
Consumers sold 37.9 tonnes of the yellow metal in June quarter, says World Gold Council
New Delhi imported 38 tonnes of gold in October, down 33% from 57 tonnes a year ago
Allowing banks to do local sourcing of gold that meets the standards will help solve many issues
The assumption that duty would now have to be worked out on the basis of transaction value had created confusion, prompting several importers to put orders on hold