Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Gold imports might go up as domestic production falls rapidly.


Date: 27-04-2017
Subject: Gold imports might go up as domestic production falls rapidly
​KOCHI: With domestic production of gold declining, India might have to depend more on imports going forward. In 2013-14, India produced 1,564 kg of gold worth Rs 423 crore. This came down to 1,055 kg in 2016-17 (up to November) worth Rs 295 crore.

Diamond production was 37,517 carats worth Rs 61 crore in 2013-14, which fell to 20,795 carats worth Rs 36 crore in 2016-17.

India’s gold reserves are estimated to be 640.41 tonnes, while diamond reserves are pegged at 31,861,307 carats.

“Very little reserves of the yellow metal make it costly to mine out. Hence, we have to depend on imports sooner or later. Compared to India’s annual demand of 900-1,000 tonnes of gold, we have a negligible production, which is unlikely to go up,” said Joy Alukkas, chairman, Joy Alukkas group.

Gold imports in 2016 were at 510 tonnes—the lowest in 13 years — due to various reasons including jewellers’ strike early in the year and unfulfilled expectations of a lowering of gold import duty in the Budget.

Gold exploration is carried out by the Geological Survey of India, Deccan Gold Mines, Hutti Gold Mines and Mineral Exploration Corporation, while diamond mining is conducted by the National Mineral Development Corporation.

Source: The New Indian Express

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 31-07-2025
Notification No. 49/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils,Brass Scrap, Areca Nut, Gold and Silver

Date: 19-07-2025
Notification No. 34/2025-Customs
Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to omit serial number 10A.

Date: 18-07-2025
Notification No. 33/2025-Customs
Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to provide exemption on import of Horses for Polo (HS 0101 29 10) under specified condition.

Date: 16-07-2025
Notification No. 47/2025-Customs (N.T.)
Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s. Ammega Belting India Pvt. Ltd. -reg

Date: 15-07-2025
Notification No. 46/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 30-06-2025
Notification No. 44/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 30-06-2025
Notification No. 32/2025-Customs
Seeks to amend Notification No.130/2010- Customs dated 23.12.2010 to extend the exemption benefits to Air Canada.

Date: 13-06-2025
Notification No. 43/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 11-06-2025
Notification No. 42/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 06-06-2025
Notification No. 13/2025-Customs (ADD)
Seeks to impose Anti Dumping Duty on imports of ‘Insoluble Sulphur’ originating in or exported from China PR and Japan.



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001