India spent record $55.7 bn on gold imports in 2021

Tags: Economics/Business

India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year’s total weightage.

  • India is the world's second ­biggest gold consuming nation after China.
  • India imports most of its gold from Switzerland followed by the UAE.
  • This is majorly due to the price drop which favoured retail buyers and also due to increased demand for weddings that were delayed when the pandemic first hit.
  • The 2021 gold import bill easily doubled the $22 billion spent in 2020, and surpassed the previous high, set in 2011, of $53.9 billion.
  • In volume, India imported 1,050 tonnes in 2021 compared to the 430 tonnes imported in 2020. This amount is the highest in the last decade.

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