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Informist, Monday, Mar. 10, 2025

--India 2024 gold import volume revised higher by 87.72 tn to 812.22 tn 

--India Apr-Dec gold imports revised higher to $48.51 bln from $42.09 bln 

--India Apr-Dec silver imports revised higher to $3.39 bln from $2.75 bln 

--India 2024 silver import volume revised higher by 692.77 tn to 7,669.40 tn 

By Sandeep Sinha

MUMBAI – The government has revised upward import data for gold and silver for 2024, an analysis of data from the commerce ministry's Directorate General of Commercial Intelligence and Statistics showed. It has revised up import of gold in 2024 by 87.72 tonnes or 12% and silver by 692.77 tonnes or 10%.

The directorate has revised the gold imports in 2024 to 812.22 tonnes from 724.50 tonnes earlier. Similarly, the silver imports in 2024 have been scaled up to 7,669.40 tonnes from 6,976.63 tonnes, the second-highest ever. The country had imported a record 9,534.41 tonnes of silver in 2022.

The directorate has revised the data for gold and silver for July, August, September and October, the data showed. Gold imports have been revised higher by 11.38 tonnes to 47.72 tonnes in July, by 57.44 tonnes to 175.41 tonnes in August, by 16.18 tonnes to 61.90 tonnes in September, and by 2.72 tonnes to 60.64 tonnes in October. The import of the yellow metal in August was the second-highest after 176.94 tonnes in April 2021.

Similarly, the directorate increased silver imports in July by 865 kilograms to 103.31 tonnes, by 65.69 tonnes to 103.31 tonnes in August, by 292.72 tonnes to 594 tonnes in September, and by 333.49 tonnes to 469.16 tonnes in October.

In value terms, the directorate increased gold imports in Apr-Dec to $48.51 billion from $42.09 billion and silver to $3.39 billion from $2.75 billion earlier. Cumulatively, the gold and silver import bill in the first nine months of 2024-25 was revised up by $7.06 billion.

This is the second time the directorate has revised the import data for gold and silver in the current financial year. The government in January revised the trade data after doubts were raised about the accuracy of data, especially about gold imports. The directorate has taken up a detailed examination with the Director General of Systems and Data Management and the Central Board of Indirect Taxes and Customs in December.

During the reconciliation exercise, it was found that due to the migration of data transmission mechanism from special economic zones to the Indian Customs Electronic Data Interchange Gateway under the finance ministry, it was noticed that the system was calculating both imports into SEZ and subsequent clearance into domestic tariff area as separate transactions after the migration. End

US$1 = INR 87.32

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Saji George Titus

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