India’s Gem & Jewellery Export Promotion Council (GJEPC) said the country’s gold imports came in at just $88 million in February. That is almost five times lower than a year before. Gold was purchased in the form of ingots, jewelry and semi-finished products.
Meanwhile, exports of gold from India fell by 17%, totaling $855 million.
So far, Indian jewelers bought gold for about $213 million, which is 3.3 times less than in the same period last year. Export fell by 13% to $ 1.75 billion.
According to the Ministry of Trade and Industry of India, totals import of gold was $3.48 billion in February, which is 2.5 times more than in the corresponding month of the previous year. In January-February, imports amounted to $5.52 billion, up 28% from 2016.
