Quick Answer: How much gold does India import every year?

What percentage of gold is imported in India?

Gold is the second largest product in India’s import basket, with about 8.8% share.

How much gold does India export every year?

The export value of gold from India amounted to over 1.3 billion U.S. dollars in the fiscal year of 2020.

Export value of gold from India from financial year 2015 to 2020 (in million U.S. dollars)

Characteristic Export value in million U.S. dollars
FY 2020 1,364
FY 2019 1,174
FY 2018 2,393.74
FY 2017 6,121.43

Where does India import most of its gold from?

Total imports from China fell 0.07% to $65.21 billion but the country remained India’s top source of shipments, followed by the US and the UAE. Germany entered the top 10 list of India’s import sources in the last fiscal, replacing Indonesia. India is the world’s second largest consumer of gold after China.

Which country is the largest exporter of gold?

In 2020, Switzerland’s gold exports amounted to a value of nearly 72 billion U.S. dollars. Switzerland is consistently the world’s leading gold exporting country based on value.

Leading gold exporting countries worldwide in 2020 (in billion U.S. dollars)

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Characteristic Exports in billion U.S. dollars

How much gold does Indian households have?

India is home to the largest hoard of privately held gold worth about $1.5 trillion at current prices.

Where does India export gold to?

India’s top export destinations for gems and jewelry are US, Europe, Japan and China. US accounts for nearly one-fourth of the country’s total gems and jewelry export. The Government of India is aiming at US$ 80 billion in jewellery export over the next five years from 2019.

Who exports diamonds in India?

Below are the 15 countries that exported the highest dollar value worth of diamonds during 2020. By value, the listed 15 countries shipped 94.9% of global diamonds exported in 2020.

Rank 6.
Exporter Israel
Exported Diamonds (US$) $5,414,567,000
2019-20 -52.1%

How does India get gold?

Gold in India is primarily imported by banks, who in turn supply this imported gold to bullion dealers across India. Banks supply this gold to dealers after adding their fee to it, which already makes them a bit higher than the rate at which gold was imported.