INDIA GOLD IMPORTS

India's platinum imports surged in June as dealers exploited a loophole by registering gold alloys as platinum to avoid higher duties. This led to revenue loss for the government and distorted market prices. The situation highlights the need for a r...

Gold prices surged due to global instability, while copper demand increased with Industry 4.0. India imports 95% of both. Privatizing PSUs like Hutti Gold Mines, KGF, Hindustan Copper, could boost production and jobs. FY24 imports were 795t gold, 2....

The gems and jewellery sector eagerly awaits Union Budget 2024, anticipating tax reductions on exports to enhance demand for Indian-made gold and diamond jewellery. Industry leaders seek a decrease in export taxes from 15% to 10% to boost competitiv...

In the April-June quarter, India's demand for gold dropped by up to 15% compared to the previous year, largely due to soaring prices deterring consumers. With fewer auspicious wedding dates in July, jewellery sales haven't seen a significant uptick,...

Decoding the impact that is expected from the 5% waiver, Mahendra Luniya, chairman & founder of Vignaharta Gold said that in FY23, India's gold imports totaled an estimated Rs 2.8 lakh crore and at a 15% import duty rate, the industry's customs duty...

Gold prices eased slightly after reaching a one-month high due to expectations of a Fed rate cut in September. Unemployment rate increase supports rate cut speculation. China's central bank refrains from gold purchases. Indian dealers offer discount...

As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be...

BUDGET NEWS: Indian gold demand remains subdued due to high prices, with expectations of an import duty cut in the upcoming budget. Meanwhile, Chinese demand also declined. Domestic gold prices hovered near Rs 71,600 per 10 grams, down from a peak o...

Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the impor...

India's merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports...

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 (...

In a notification, the Directorate General of Foreign Trade (DGFT) brought gold jewellery studded with pearls, diamonds and precious & semi-precious stones in the ‘restricted’ category from ‘free’ with immediate effect which means their import will ...

Gold prices steady as investors await U.S. inflation insights. Spot gold at $2,338.04 per ounce, with futures at $2,358.30. Fed survey shows cautious optimism, while India's silver imports surge. BHP Group ends bid for Anglo American, impacting silv...

India's silver imports in the first four months of 2024 have surpassed the total for all of 2023, driven by rising solar panel demand and investor interest. The country imported a record 4,172 metric tons, up from 455 tons a year ago. This surge sup...

India's gold imports in 2024 may plummet by nearly 20% from the previous year due to record high prices driving consumers to swap old jewellery for new, according to the India Bullion and Jewellers Association. Rising prices have shifted buyers towa...

Silver prices surged to nearly Rs. 90,000 per kg, hitting an all-time high, driven by increased industrial applications and speculation of no immediate reduction in US Federal Reserve policy rates. Within a month, silver prices rose by over 5%, with...

India's goods exports grew 1.06% to $34.99 billion in April, with a trade deficit of $19.1 billion fueled by increased gold imports. Switzerland replaced Russia as a key import source. Challenges include rising petroleum imports and ongoing FTA disc...

India's merchandise trade deficit widened to $19.1 billion in April, surpassing a Reuters poll estimate of $17.23 billion. March saw a deficit narrowing to an 11-month low of $15.6 billion. Exports marginally rose by 1.06% to $34.99 billion, while i...

As Akshaya Tritiya approaches, a time considered auspicious for buying gold for prosperity and good fortune, the gold-buying frenzy is about to be unleashed notwithstanding the current stratospheric rates gold has reached currently. The decision to ...