Key Summary
Did you know? India is the fifth-largest importer of gold. In India, the demand for gold is very high, as people buy gold for financial protection, culture, tradition, and adornment. Over the past five years, the average demand for gold in India has been around 895 metric tons.
India hardly produces any gold, so nearly all of the demand is satisfied by imports. Kolar, which makes a very small amount of gold, is the only gold mine that contributes to India's gold production.
This blog will provide you with insights on gold importers in India, the top gold-importing nations, and comprehensive data on gold import in India.
The size of the global gold market is estimated to be 4.42 kilotons in 2024 and is projected to reach 6.32 kilotons by 2029, with a CAGR of 7.38% during the forecast period (2024-2029).
The global demand for gold in 2023 was 2,168 metric tons, of which 48.7 percent came from the jewelry industry.
The current import tax on gold is fifteen percent. Being the 5th largest importer of gold, it also ranks as the 3rd most popular Indian import.
In this year's Union Budget, the central government is being asked to lower the import duty on gold from the current 15% to 10%, as requested by the Indian jewelry sector
According to Indian gold import data, 194 gold importers in India imported gold in 4.1K of shipments from 450 gold suppliers.
As per statistics on gold import in India, the June 2024 gold import bill was US$3.1 billion, 39% less than the prior year, and our projections indicate a 50% drop in volume terms (around 42t).
However, the total value of imports in the second quarter of 2024 was US$9.5 billion, a little less than US$9.7 billion in the same period last year. Even, there was a 23% drop in volume over this time, which was mostly brought on by an 18% increase in pricing.
Here is a quick overview of India’s gold import trends.
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These nations import large amounts of gold to meet their domestic gold demand. So, according to gold import data, Switzerland is the biggest importer of gold in the world. It imported 98.5 billion of gold in 2022-23. To know more about top gold importers in the world or gold import in India, connect with us on Seair Exim Solutions.
The top 10 gold importers in India are listed below:
So, PEC Limited is the biggest importer of gold in India. All these above-listed companies are just a few of the top gold importers in India. Gold import in India is very high which is made possible by many Indian gold importers. To get a detailed list of all the gold importers with import value and logistics, explore gold import data on Seair Exim Solutions.
The top gold import destinations from India are listed below:
According to India's gold import data, Switzerland accounts for 41% of all gold imports, making it the country's largest market. South Africa comes in second at 13%, and the United Arab Emirates comes in at 10%. For additional information about gold import in India, gold prices, and other details about all these destinations, get in touch with our experts at Seair Exim Solutions.
To start a gold import business in India, you may require several documents, such as a GSTIN, a Business Identification Number (BIN), an importer-exporter code (IEC), pro forma invoices, bills of lading, etc.
Here are the major steps to start a gold import company in India:
Step 1: Business Plan: The first and foremost step for gold import in India is creating an overall blueprint path for the future, which includes a management plan, financial plan, transportation options, etc. First and foremost, market research is done to determine the best market to import gold into.
Step 2: Choose a Location: The next stage is to choose a location for your gold business. It should be close to all ports, meet the needs of your clients, and be in a well-connected area where you can keep your gold inventories and stocks. Security should also be a priority because dealing with gold is a risky endeavor.
Step 3: Obtain the necessary licenses and permits: For gold import in India, the next step is to obtain the necessary licenses and permits. The licenses required to start a gold business in India include GSTIN, a Business Identification Number (BIN), an importer-exporter code (IEC), insurance, /airway bill, commercial invoice, packing list, certificate of origin, and any other documents required by customs and the authorities and business registration.
Step 4: Locate Gold Suppliers: It is time to look for suppliers abroad after establishing a profitable business. You can locate suppliers who meet your import requirements in terms of quantity, quality and cost with the aid of India's gold import data. Inspection and clearance: The Indian Customs authorities must inspect the gold and grant entry into India once customs duty, value-added tax (VAT), and other taxes and fees have been paid.
Step 5: Inspection and Clearance: Here is the last step of gold import in India. The gold must be inspected by the Indian Customs authorities and cleared for entry into India after the payment of customs duty, value-added tax (VAT), and other taxes and fees.
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