31-Mar-2020
Gold has always been an important part of India’s culture and history. Gold is an intrinsic part of Indian religious ceremonies. Indians consider gold an important family heirloom and gold ornaments are passed on from one generation to the next. Indians also like to purchase gold as an investment. It is viewed as a stable and safe investment. It is considered a great gift in all auspicious ceremonies and is a popular gift during weddings. India is one of the largest markets for gold in the world and the growing prosperity is fueling demand. The worldwide import of gold was estimated at 287.6 billion dollars in 2018. India is the third-largest importer of gold accounting for 11.1% of the gold imports amounting to 31.8 billion dollars.
The gold import data India imported 831 tons valued at 31.22 billion dollars in 2019 down from 944 tons imported in 2018. The imports fell by 12% in 2019. The import of gold contributed 6% to the total imports of the country, while gems and jewelry contributed 13%. The declining gold imports have narrowed India’s trade deficit to 133.27 billion dollars.
Gold import data is collected at custom ports around the country. The data contained in the bill of entry contains information like:- the bill of entry date, product information such as description, qty, HS-Code, unit cost, the total cost of the shipment, importer’s contact details and exporter’s contact details. We import gold through air cargo. This information is vital for gold importers to make its business strategy.
The top 5 countries India imports gold from are:-
Other countries from where India imports are:-UK, Germany, Hong Kong, and Netherland.
The government of India increased custom duty on gold this year to 12.5% it was previously 10%. Most of the gold imported in India is used for gold jewelry.
India strictly regulated the import of gold. Firms notified by the Directorate General of Foreign Trade may import gold bars.
The gold importers are:-
India does not allow firms that import gold bars to import medallions and coins. Some firms in SEZ and Star trading houses are permitted to import gold exclusively for export. All gold needs to be routed through custom bonded warehouses. Custom bonded warehouses are available in Delhi, Mumbai, and Thiruvananthapuram.
You can import gold bars and coins up to 1 kg after paying the required custom duty. Any passenger having an Indian passport or a valid passport can import gold. Some gold jewelry importers in India are:-
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