New Delhi, Oct 15 Gold imports contracted for the second month in a row, falling 81.27 per cent to USD 1.8 billion in September after a sharp rise in customs duty on the precious metal, according to data released by the Commerce Ministry.
Silver imports also dipped for the second consecutive month, falling 49.11 per cent to USD 665.08 million.
The government has increased import duty on precious metals from 6 per cent to 15 per cent effective May 13.
Prime Minister Narendra Modi has also urged people to defer gold purchases amid the West Asia crisis, which has caused large-scale disruptions.
During April-September 2026-27, gold imports fell 27.32 per cent to USD 19.27 billion, while silver imports declined 25.17 per cent to USD 2.4 billion.
Switzerland was the largest source of gold imports, accounting for about 40 per cent, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent).
The precious metal accounts for over 5 per cent of the country’s total imports.
Total imports from Switzerland fell 74.63 per cent to USD 893.2 million in September.
India is the world’s second-biggest gold consumer after China. Imports primarily meet demand from the jewellery industry. Imports affect India’s current account deficit (CAD).
(PTI News)
