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.
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.