17-Oct-2024
Key Highlights:
India is one of the world's largest gold consumers, and demand for gold is growing due to the increasing disposable income of people. No doubt, India has a long history of mining gold, but at a low level. So, India imports most of its gold from other nations, making it one of the largest gold importers in the world.
In this blog, we will discuss the top 10 gold importers in India, gold import in India, and other related statistics.
Firstly, let's start with a discussion on India being the 5th biggest gold importer!
To figure out how India has been the prime gold importer over the years, let's have a look at all these figures.
India's gold production is estimated to amount to around 1,341 kilograms in the financial year 2023-24. This is a notable decrease from the country's primary gold production in the financial year 2019-20, which amounted to 1,742 kilograms.
The demand for gold in terms of volumes will be between 700 and 750 tonnes (during 2024).
As there is a major difference between production and consumption, most of the Indian gold demand is fulfilled by import, making India the 5th largest importer of gold in the world.
Let’s explore the table comparison table for gold import in India:
|
Fiscal Year |
Gold Import Data (USD billion) |
% Change from Previous Year |
|
2018-2019 |
33.6 |
Nil |
|
2023-2024 |
48.8 |
30% |
Overall, gold import in India jumped from $33.6 billion in 2018-2019 to $48.8 billion in 2023-24.
In 2023-24, Indian gold imports surged by 30 percent to USD 48.84 billion.
The total import of gold in India from April to August was 315 metric tons, slightly down from the 318 metric tons imported during the same period last year.
|
Month |
Gold Import Data (USD billion) |
% Change from Previous Month |
|
June |
3.06 |
- |
|
July |
3.13 |
2.30% |
|
August |
3.13 |
0% |
As per gold import data, the import of gold stood at $3.06 billion in June.The sharp increase from July’s $3.13 billion in Indian gold imports reflects growing consumer demand for gold ahead of the country’s festive season.
Gold imports in India increased 221.41% in a month, reaching $3.13 billion in August.
Total gold imports from April to August were 315 metric tons, slightly down from the 318 metric tons imported during the same period last year.
The HSN code for gold in India depends on the type of gold and its use. Here is the list of the most prominent HS codes used by gold importers in India:
|
Gold HS codes |
Product Description |
|
7113 |
Gold Jewelry |
|
71131910 |
Unstudded Gold Jewelry |
|
71090000 |
Gold Base Metals Or Silver Clad With Gold |
|
71131920 |
Gold Jewelry Set With Pearls |
|
71131930 |
Gold Jewelry Set With Diamonds |
|
71081300 |
Gold Unwrought, In Semi-Manufactured Forms, Or in Powder Form |
Here is the list of the biggest importers of gold worldwide:
|
S.No. |
Gold Importing Countries |
Gold Import Data |
|
1 |
Switzerland |
US$ 102.3 billion |
|
2 |
China |
US$ 92.1 billion |
|
3 |
Hong kong |
US$ 59.9 billion |
|
4 |
United Kingdom |
US$ 48.1 billion |
|
5 |
India |
US$ 42.6 billion |
|
6 |
Turkey |
US$ 30 billion |
|
7 |
United Arab Emirates |
US$ 23.9 billion |
|
8 |
United States |
US$ 15.1 billion |
|
9 |
Singapore |
US$ 12.6 billion |
|
10 |
Canada |
US$ 9.5 billion |
As per gold import data, Switzerland is the largest importer of gold in the world, accounting for US$ 102.3 billion in gold imports in 2023–24. Additionally, China, the UK and India are the other top 3 gold importing countries. To get the complete data on Indian gold imports or gold HS codes, visit Exportimportdata.in
Here is the list of gold importers in India:
Now, let's have some information on each of the top 10 Gold Importers in India!
The brand is known for its traditional and exquisite wedding jewellery, with over 270 showrooms across India and the Middle East. It imports gold and other precious stones in huge quantities for its products, making it the major gold import company in India.
Titan was the first private company to import gold into India in 2012 directly. It buys the majority of its gold on lease rather than outright, and it only pays after the gold is sold at the quoted market price for that day.
Based in Bangalore, Karnataka, Rajesh Exports Limited is a multinational Indian retailer of gold. It is the 2nd among the biggest importer of gold in India imports, refines, designs, and sells gold and its jewelry.
The company mainly sources gold from Italy to India and gets the shipments at Bombay Air. Additionally, it has 37 showrooms where it sells gold and diamond jewellery.
It is an India-based company that imports gold and diamonds and sources gemstones from a variety of countries. It creates affordable jewellery with gemstones, mostly using metals like gold and silver.
Started as a proprietorship business in 1947 called Balu Jewellers and became a public limited company in 2007. It is engaged in importing, processing and then selling gold, silver, and diamond jewellery.
PC Jeweller.com offers an exclusive range of plain gold jewellery encompassing the world of rings, earrings, pendants, gold chains and gold coins. It has 91 showrooms across India where one can get its products.
It is primarily engaged in the import of gold in India and rough diamonds along with other precious metals and then re-exporting cut & polished diamonds and plain and studded gold jewellery. As per gold import data for 2023–24, it has made a place in the list of the biggest importer of gold in India.
Ashapuri Gold Ornament Limited is an Indian company that produces and sells gold and antique jewellery. It does gold import in India for its manufacturing units directly from Switzerland and a few other Gulf countries.
It is a company that deals in gold, diamonds, and gold bars and is involved in exports and imports. It is part of the Heera Group, a family business that has grown to become a Fortune 18 company
So, all these are the leading gold importers in India who tackle the emerging demand for gold in India. Apart from that, a few more Indian gold import companies in India import gold in considerable amounts. To get the most recent gold import data on all the genuine importers of gold in India, connect with us at exportimportdata.in.
The top destinations for gold import in India are listed below:
According to India's gold import data, Switzerland accounts for 41% of all gold import in India, making it the country's largest market. South Africa comes in second with 13% and the United Arab Emirates with 10%. To get more details related to shipment options, gold rates and other information on all these destinations, gold importing countries, and gold importers in India, connect with our experts on Exportimportdata.in
Gold importers must find out where they could be improved and do proper research to find a relevant market to source the best-priced gold for them.
The successful business of gold importers would be successful if done with proper planning and research.
Exportimportdata.in is the platform where gold importers in India can find the relevant gold import data. It will help to get deep insight into market trends and competitors to make better decisions and successfully run their business of gold import in India.
Gold import in India from Switzerland
Gold import in India from South Africa
Gold import in India from the United Arab Emirates
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.
