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.

Major Gold Mines of India-

  • Kolar and Raichur in Karnataka
  • Chittoor in Andhra Pradesh
  • East Singhbhum in Jharkhand

 The headquarter of the  World Gold Council is London, United Kingdom

Please Rate this article, so that we can improve the quality for you -