India’s gold imports are expected to grow further in the coming months on account of peak demand due to the festive and wedding seasons, the Gem and Jewellery Export Promotion Council (GJEPC) projected on Wednesday.
Gold imports, which have a bearing on the current account deficit, zoomed to about $24 billion in the April-September period.
‘Sharp pickup’
Imports picked up in August, which recorded the second-highest gold imports of 118.08 tonnes. Chairman Colin Shah said the increase in imports during July, August, and September was due to the lifting of lockdowns, revival of domestic and export demand, and the start of the festive season that had resulted in a sharp rise in demand.
“We expect that imports of gold will further rise in the forthcoming months as peak festive/wedding season will further boost the demand for jewellery both at home and key international markets,” he added.
