Imports made up 86% of India's gold supply between 2016-2020: WGC
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.
Major Gold Mines of India-
The headquarter of the World Gold Council is London, United Kingdom
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