The Gem and Jewelery Export Promotion Council (GJEPC) on Wednesday estimated that India’s gold imports are expected to increase further in the coming months due to peak demand due to the festive and wedding season.
Gold imports, which weigh on the current account deficit, rose to around $24 billion in the April-September period.
‘fast pickup’
Imports picked up in August, registering the second highest import of gold at 118.08 tonnes. Chairman Colin Shah said the increase in imports during July, August and September was due to the lifting of the lockdown, improving domestic and export demand and the start of the festive season, resulting in a sharp increase in demand.
“We expect gold imports to increase further in the coming months as the peak festive/wedding season will further fuel the demand for jewelery in the domestic and major international markets,” he added.