Imports made up 86% of India's gold supply between 2016-2020: WGC

Tags: Economics/Business

According to the  World Gold Council(WGC)’s ‘Bullion Trade in India’ report:

• Imports made up 86% of India’s gold supply between 2016-2020, and inbound shipments continue to grow despite high import duty.
• Since 2012, India has imported some 6,581 tonnes of gold, averaging 730 tonnes per annum.
• In 2020, India imported 377 tonnes of gold bars and dore from over 30 countries, of which 55% came from just two countries — Switzerland (44%) and the UAE (11%).
• In the last five years, gold dore imports have increased.
• A doré bar is a semi-pure alloy of gold. It is usually created at the site of a mine and then transported to a refinery for further purification..
• There are   32 gold refineries in India.