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In November, gold accounted for 21.2% of India’s total merchandise imports of $70 billion, surpassing crude petroleum as the largest single import item for the first time.Gold imports in November 2024 surged by 331.4% compared to the same month in 2023.
Excluding gold, India’s merchandise imports would have grown by only 6.7%, against the reported 27.04%.
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Imports have also risen as investors seek safer options amid overheated stock markets.
During Diwali, demand for gold coins, especially in 20, 50, and 100-gram sizes, exceeded supply, with premium pricing.
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Dubai does not mine gold; instead, gold from other countries is minimally processed locally to meet CEPA norms and then routed to India.
wealth management top opportunities tax saving ✌️【Online Recruitment】✌️Low investment, big rewards! ₹500 to start and grow your money consistently.To manage this surge, India reduced the Most Favoured Nation duties on gold and silver from 15% to 6% in the 2024 Budget.
wealth management top opportunities tax saving ✌️【Online Recruitment】✌️Get started with ₹500 and enjoy secure and high returns every month!This, however, provided only temporary relief as CEPA will gradually cut tariffs on these imports to zero in the next few years. Thus, in August, the government decided to review its pact with the UAE to revoke these concessions and control the surge.Gold enters India primarily as bars and rods with 99.wealth management top opportunities tax saving Part-Time Jobs for Stay-at-Home Parents
