As the price of gold in India continues to rise, gold imports have declined by 76% this year compared to last year.
People’s buying of gold has also decreased. As a result, gold import has decreased by 76% in the last 32 months.
In January 2023, India imported 11 tonnes of gold worth $697 million. But it is noteworthy that in January 2022, 45 tons of gold worth 2.38 billion dollars had been imported.
In the Union Budget announced on February 1, 2023, jewelers were expecting a reduction in import duty on gold. Hence jewelers did not buy much gold in the second half of January.
But the Union Finance Minister announced that not only gold but also the tax on gold jewelery and gold-based products will be increased in the budget.
In India, most gold is bought on special occasions like weddings. Experts say that with the coming wedding season, jewelers will be keen to buy gold, which could boost gold imports.