Indian Gold Imports up 205% in April.
Prelimary May data shows four fold increase in Indian gold imports.
Indian gold imports of 95 tons in April were up 205% from 31 tons in April 2016.
Indian silver imports also gained in April.
India passes 3% GST tax.
Indian Gold Imports
April Indian gold imports were 94.545 tons down 10.5% from March imports of 105.61 tons, and up 205% from 31 tons imported in April 2016.
Reuters Update: “India’s gold imports in May surged fourfold from a year ago to 103 tonnes as jewellers increased purchases to replenish inventory and stock up ahead of the rollout of the Goods and Services Tax (GST), provisional data from consultancy GFMS showed.”
Bloomberg: Gold Imports by India Jump Fourfold as Tax Fear Spurred Stocking
Indian Gold Imports April 2016 – April 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
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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 Smaulgld.com. 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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