India Imported $7.7 Billion in Gold In Feb & March vs $294 Million in Silver

Post Demonitization Indians Flock to Gold, Silver not so Much

March Indian Gold Imports Surge 342% Post Demonetization.

Indian Silver imports remain lackluster.

Indian gold imports of 106 tons in March were up 342% from 24 tons in March 2016.

Indian silver imports in March of 361 tons were down 20% from 449 tons in March 2016.

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Indian Gold Imports

March Indian gold imports were 106 tons up 19% from February imports of 89 tons, and up 342% from 24 tons imported in March 2016.

Crowds throng jewellers to buy gold on Akshaya Tritiya across the country

30% More Gold Sold this Akshaya Tritiya

Indian Gold Imports March 2016 – March 2017

Indian Gold Imports March 2016 - March 2017

Indian gold imports were 582 tons (approximately 18,711,734 ounces) in 2016 down 38.7% from 949 tons (approx. 30,511,058 ounces) in 2015.

Indian Annual Gold Imports 1999 – 2017

Indian Gold Imports 1999 - 2017 March

Indian Gold Imports August 2014 - March 2017

In dollar terms, India imported 26x more gold than silver

2017 Indian Gold Imports:

February 89.152 tons= 2,866,496 ounces
March 105.61 tons = 3,395,440.35 ounces
Total 194,762 = 6,261,936 ounces
$7.708B at $1230 an ounce

2017 Indian Silver Imports:

February 162.699 tons = 5,230,894 ounces
March 361.36=11,617,993.8 ounces
Total 524.059= 16,848,888 ounce
$294 million at $17.50 an ounce

Silver is not a “Gold Substitute” in India

Indian Silver Imports March 2016 – March 2017

Indian Silver Imports March 2016 - March 2017

Indian Annual Silver Imports 1999 – 2017

ndian Silver Imports 1999 - 2017 through March

Indian Monthly silver imports August 2014 - March 2017

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India’s Gold Reserves


According to the World Gold Council, as of December 2016, India held the tenth most gold of any nation.

The Indian gold import charts are derived from data pulled from the Indian Ministry of Commerce and Industry, Govt. of India by Nick Laird of Sharelynx and are updated monthly and archived on Visit Nick’s gold and silver chart festival at Sharelynx

Click to see an overview of India and Silver and a 2016 Indian silver imports .

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