At a time when the country faces a chronic goods trade deficit (crude oil, precious stones, metals, electrical and electronic equipment, edible oil, pulses, coal, fertilisers and many more items) and rapid depreciation of the rupee, resulting in import-led inflation, gold stands out as a high-performance commodity.

Bullion trade is big ticket. From a recent low of $22 Bn in 2020, the value of India’s gold import has surged. 2021 saw a 150% rebound to $55.8 Bn. After dipping to $36.6 Bn in 2022, imports zoomed again to $42.6 Bn in 2023 and then on to a new high of $58.1 Bn in 2024.

The government lists as many as 26 countries as ‘countries of consignment’ for import and a few more bunched under the ‘others’ category. Remember: for gold import, it is not ‘country of origin’ but ‘country of consignment’. Switzerland, the UAE, South Africa, Peru and Australia occupy the top five slots in terms of value, followed by the USA, Hong Kong and several African and South American nations.

Analysis of the last 10 years’ country-wise import makes for interesting reading. As per the latest available data, Switzerland tops the list of exporters with a supply worth $21.5 Bn in 2024 (previous year $16.4 Bn). The UAE follows. A surge in gold imports from the United Arab Emirates, especially after the signing of the India-UAE Comprehensive........

© Free Press Journal