World Gold Council Report Focuses on Latest Bullion Import Trends in India

World Gold Council Report Focuses on Latest Bullion Import Trends in India

Gold
December 10, 2021 07:30:47 PM

World Gold Council Report Focuses on Latest Bullion Import Trends in India

In the most recent budget in 2021, the total import duty on gold bars was reduced, WGC report said.

SEATTLE (Scrap Monster): The World Gold Council (WGC) has published a new report highlighting the bullion import trends in India during the past five years. The imports of the yellow metal accounted for 86% of the total gold supply in the country over the past five years from 2016 to 2021. Recycling made up 13%, whereas mining accounted for only 1% of the supply, said the report.

The world’s second largest consumer of gold had initiated efforts to curb gold imports in 2012, including the 80:20 rule, by which 20% of all gold imported had to be exported as jewellery. Although the rule was revoked in end-2014, the government continued to keep the gold import rate high at 10%. Furthermore, the import duty was raised to 12.5% in July 2019. In the most recent budget in 2021, the total import duty on gold bars was reduced, WGC report said.

Since the first hike in duty on gold imports in 2012, the country has imported around 6,581t of gold, averaging at 730t per year. Also, dore imports made up nearly 30% of total imports during the past five years. Over the period from 2015 to 2020, Switzerland emerged as the largest gold exporter to India.

The 2020 data suggests that 84% of the official imports came through airports located in North and South India.

This content was originally published here.

Rate:

0 out of 5 stars(0 ratings)

Subscribe to Our Newsletter

money for gold logo

Learn About Buying and Selling Gold for the Best Prices

Get the latest news and expert advice on Gold!

We don’t spam! Read our privacy policy for more info.

Leave a Reply

Related

After many request from our customers, we are now releasing a 5 oz Proclaim Liberty Silver Bar. Our Proclaim Liberty…

Read more

swarb.co.uk is published by David Swarbrick of 10 Halifax Road, Brighouse West Yorkshire HD6 2AG. Tel: 0795 457 9992,…

Read more

The Government of India’s (GOI) proposal to hike GST on gold jewellery to 5 per cent from 3 per cent is set to…

Read more

Share Great Content for Our Resource Section

About

MoneyForGold.com is a resource site created for those looking to sell their personal collection of gold - whether it’s jewelry, coins, bars, antiques, etc., anything made from gold can be sold for quick cash. We encourage visitors to signup and share quality “Money For Gold” resources.

Have a question or comment? Email us at: contact@moneyforgold.com

Navigation
MoneyForGold.com
50% Complete

Learn Where to Sell Your Gold for the Best Prices

Free 3-Minute, Practical Stories Delivered to You Everyday!
Buy, Sell, Invest in Gold Today!