29-Oct-2024
Key Highlights:
Based on data on gold exports by country, in 2023-24, gems and gold jewellery export from India stood at US$ 22.27 billion, a 14.94% decline compared to the previous year's period.
The largest exporter of gold in the world is Switzerland, which exported gold and gold jewellery worth $86.7 billion in 2023–24.
The leading gold jewellery exporters in India are Rajesh Exports, National India Bullion Refinery Aca, Heera Gold Exports & Imports, Chain N Chains, and Hira Gold Exports & Import Pvt Ltd.
The top gold exporting countries include Switzerland, UAE, the United Kingdom, the United States, South Africa, and Russia.
The unstunned gold HS Code is 71131910. Other top Gold HS codes are 71131940 and 71129100.
Gold is a valuable item to Indians. In addition to enjoying wearing gold jewellery, Indians also enjoy investing in this precious metal to generate income. In terms of exports, India's gold exports were valued at over 146 million US dollars. Also, gems and jewellery from India account for about 3.5% of all exports worldwide.
In this blog, we will explore the key insights of gold export from India, gold exporters in India, and other trends in this profitable market.
Approximately 1,341 kilos of gold are anticipated to be produced in India during the fiscal year 2023-2024. Compared to the 1,742 kg produced in 2019-20, this is a drop.
Although it is done at a modest level, gold mining has a long history in India.
India's output of gold has varied over the years, reaching a record low of 1,200,000 kilograms in 2022 and an all-time high of 6,200,000 kilograms in 2000.
India's top producer of gold is Karnataka. Eighty percent of India's gold is produced in Karnataka. We call it the 'Land of Gold'.
The largest gold mines in India, accounting for around 80% of gold produced in India, are Hutti Gold Mines and Kolar Gold Fields (KGF). Both the mines are situated in Karnataka, making Karnataka the largest gold-producing state in India.
Other prominent mines in India are Sonbhadra Gold Mines, Ramgiri Gold Field, Parasi Gold Mine, Gadag Gold Mine, and Chigargunta-Bisanatham Gold Mine.
Indeed, the export of gold from India can be lucrative due to the high demand for Indian jewellery worldwide.
Given the sharply increasing demand for gold in India, starting a business of exporting gold from India that sells bars, coins, and jewellery is a profitable business idea. To enter the India gold exports market, one must, however, meet a variety of licence criteria, market performance standards, and other significant prerequisites.
Traders and companies need to ensure that the market is fiercely competitive by getting the latest data on gold export from India and getting in touch with real buyers of the metal. Exportimportdata.in is the best platform to acquire the keen insights on starting a gold business in India.
In fiscal year 2023, India's gold exports were valued at over 146 million US dollars. Compared to the previous fiscal year, when the export of gold from India had reached its lowest level since at least 2015, this represented an increase of around 90%.
Based on India gold export data, gold exports of simple gold jewellery reached Rs 56330 crore in 2023–2024, a 66% increase. Australia, Bahrain, and the UAE were the important Indian gold exports markets.
Approximately 3.5% of global exports are made up of gems and jewellery from India.
With the United States, United Arab Emirates, and the United Kingdom as the top importers, India exports gold jewellery to more than 153 nations worldwide.
In 2023-24, gems and gold jewellery export from India stood at US$ 22.27 billion, a 14.94% decline compared to the previous year's period.
Also Read: How to Find Buyers in International Market: Proven Ways to Export from India
The top markets for gold export from India are:
United Arab Emirates ($103M)
Hong Kong ($9.94M)
Turkey ($7.35M)
Canada ($1.12M)
Singapore ($909k)
As per India gold export data, the top three export destinations for India's gold during 2021 and 2022 were Canada ($897k), Hong Kong ($5.91M), and Turkey ($7.06M).
These are the key markets for gold export from India. These are the most important gold importing countries for 2023, according to data on gold exports. To boost its proportion of gold exports, India needs to focus on these markets. Additionally, visit Exportimportdata.in to find the most recent India gold export data, Indian gold buyers, and gold exporters.
Here is the list of the top countries in terms of gold exports with gold value:
| Gold Exporting Countries |
Gold Export Data (In US dollar) |
| Switzerland | $86.7 billion |
| UAE | $32.8 billion |
| United Kingdom | $29.7 billion |
| United States | $26.6 billion |
| South Africa | $20.1 billion |
| Russia | $19.1 billion |
| Singapore | $18.6 billion |
| Australia | $17.6 billion |
| Hong Kong | $14.3 billion |
| Mali | $9.03 billion |
So, these are the top 10 gold exporting countries. As per gold export data, in 2023–24, exports of gold were around $478 billion. Out of the total, Switzerland holds a significant share in terms of gold exports, making it the biggest gold exporter in the world. However, if you are looking for gold export from India statistics or gold exporters in India, connect with Exportimportdata.in and explore the global market hassle-free.
Let’s explore the list of gold exporters in India!
Here is the list of the top 10 gold exporters from India:
Rajesh Exports
National India Bullion Refinery Aca
Heera Gold Exports And Imports
Chain N Chains
Hira Gold Exports & Import Pvt Ltd
Pratima Jewellers
Ganesh Jewellers
IOT Enterprises
Goldkart
Sona Export
So, these are the top gold exporters in India. Apart from these, many of the biggest gold exporters export gold from India in huge quantities, such as PC Jeweller Limited and Senco Gold Ltd. Additionally, India gold export data is essential to learn more about the business module of exporting gold from India or to gain more information on gold exporting countries. On Exportimportdata.in, you may find all the information you require for your export company.
To find out the top gold buyers, you can explore our prominent database, i.e., Exportimportdata.in. On our data-driven dashboard, you can easily find the active gold buyers, gold exporters, gold export data, and much more.
Exportimportdata.in is the leading data-driven tool for analysing worldwide shipments. We offer a database of over 130 countries, allowing you to conveniently access global trade information.
The Final words
Due to increased jewellery buying and investment activities, gold is becoming more and more in demand worldwide. The export of gold from India offers exporters a great opportunity to enter a profitable market.
To extract the best result, explore our gold export data on our Exportimportdata.in. You can find real-time biggest gold exporters in India or gold exporting countries, which will help you to understand the international trade insights. Connect now to arrange a free live demo!
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Export Import Data solutions is one of the best online import export websites in India that provides trade data services and trading business information. Currently, Export import data is the best import export data provider and market research companies in India.
Yes, India exports gold in large quantity. In 2023-24, gold export from India were valued at over 146 million US dollars.
The primary gold export destinations from India are the United Arab Emirates, Hong Kong, Turkey, Canada, and Singapore.
For exporting gold from India to the USA, gold coins, medals, and bullion are duty-free, but they need to be declared to a Customs and Border Protection (CBP) officer. Additionaly, you need to be aware that for financial instruments valued at more than $10,000, a FINCEN 105 form needs to be filled out at the time of entry. This includes currency worth more than $10,000, such as gold coins.
Rajesh Exports, National India Bullion Refinery Aca, Heera Gold Exports And Imports, Chain N Chains, and Hira Gold Exports & Import Pvt Ltd are the top gold exporting companies in India.
710812, 710813, and 710820 are the main HS codes associated with gold and its products.
As per data on gold exports by country, in 2023-24, gems and gold jewellery exports from India stood at US$ 22.27 billion, a 14.94% decline compared to the previous year's period.
According to gold export data, Switzerland exported gold worth $86.7 billion in 2023–24, making it the largest gold exporting nation.
