India’s gold imports increased, but silver imports decreased as of May

India’s gold imports have increased, whereas the silver imports have decreased 

As per Commerce Ministry of India figures, acquisition of a gold value of $679.16 million (Rupees 4,976.07 crore) in May. It is far more than the $76.31 million worth of value imported in May of the last year when the country was in isolation.

Gold imports during the April-May quarter of FY22 were $6.91 billion, compared to $79.14 million at the same time the previous year. Despite gold imports have increased in response to rising demand, silver imports have decreased. India's gold imports increased, but silver imports decreased as of May

An import in the last month was $15.66 million of silver, down 95.3% year. In FY22, the imports of $27.56 million worth of silver were there, approximately 94% less than the previous fiscal’s equivalent time.

Exports of diamonds and jewellery from India increased by a factor of six to $6.34 bn in April-May FY22, compared to the same period the previous year. As a result, exports of diamonds and jewellery increased to over $3 billion in May, up from $1.06 bn in May FY21.

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