INDIA's GOLD INDUSTRY: TRENDS, OPPORTUNITIES, AND FUTURE PROSPECTS
- Credit Rating Agency in India
- Industry Report
- INDIA's GOLD INDUSTRY: TRENDS, OPPORTUNITIES, AND FUTURE PROSPECTS
Gold holds profound cultural significance in India, where it accounts for about 25 per cent of global demand, driven largely by weddings and festivals. Despite limited domestic production, India's jewellery industry thrives, reflected in over US$ 22 billion worth of gems and jewellery exports in 2020-2021. To curb imports, India raised import duties to 12.5 per cent in 2022. However, in an important development, in the Union Budget presented on July 23, 2024, there was an import duty cut on gold, silver, and platinum. With this change, the total duty has been revised to 6 per cent from the earlier 15 per cent effective July 2024.