India is the world’s second largest of consumer, and one that has next to negligible Gold reserves. India’s love of Gold has baffled many observers. This time the import quantity stands at a staggering Rs 22,742.92 crores. This is 40.22% higher from the imports in March 2018. A year ago, India imported Gold worth Rs 16,219.71 crores. Meanwhile, data shows Silver imports halved to Rs 759.57 crores, but imports of pearls, precious and semi-stones increased by 5.75% to Rs 20,915.7 crores.
Observers have maintained that a sizable quantity of India’s unusually high gold import goes into re-exporting Gold jewellery. India is also among world’s largest exporter of jewellery.
Courtesy: Sify.com
