September Brought Big Jump in India’s Gold Imports

Bloomberg Businessweek reported that in September, Indian gold imports came to about 95 metric tons (MT), up significantly from the 15 to 20 MT brought into the country in the year-ago period.

As quoted in the market news:

India represented 25 percent of global demand in 2013. Imports of gold were valued at $3.75 billion in September, 450 percent more than a year earlier, the Commerce Ministry estimates. Buying and gifting of gold is considered auspicious and the most favorable time is the festival of Dhanteras, two days before Diwali which occurs on Oct. 23. Festivals run through November and the wedding season follows to early May.

‘These are normal imports before Diwali,’ Bamalwa said in a phone interview from Kolkata today. ‘There is no abnormal feature. Prices have fallen in the international market and this is good for Indian consumers.’

Click here to read the full Bloomberg Businessweek report.