India’s gold imports surged 81.69% year-on-year to USD 5.62 billion in April, fueled by high global prices and reaching a record value. The commerce ministry data also shows silver imports jumped 157.16% to USD 411 million. But the government raised customs duty on gold and silver from 6% to 15% effective May 13, which officials expect will reduce import volumes later. Despite April’s spike, gold imports in tonnes fell 4.76%.
Indian banks are facing an unprecedented five-week standstill in gold and silver imports, leaving domestic prices to surge and jewelers worrying about shortages. Shipments have been hit since April 1 due to administrative hurdles and tax uncertainties. An alternative through the India International Bullion Exchange exists, but it is slower and demands more capital, delaying restocking after Akshaya Tritiya.
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