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According to Reuters, India’s gold and silver imports nearly doubled in September compared to the previous month, despite record-high precious metal prices. This surge occurred as banks and jewelry traders rushed to stockpile inventory ahead of the festive season and potential increases in import taxes later in the month.
A government official noted an unprecedented spike in gold clearances during the latter half of September, suggesting imports could peak further on the month’s final day before new base import prices took effect. India’s government revises base import prices twice monthly, using these figures to calculate applicable taxes.
Chirag Thakkar, CEO of Amrapali Group—a leading precious metals importer in Gujarat—stated that banks and bullion dealers expedited clearances to avoid impending tax hikes. Amrapali doubled its gold and silver purchases in September compared to August, despite prices repeatedly hitting new highs.
India’s Commerce Ministry data for August showed $5.4 billion spent on 64.17 tons of gold imports and $451.6 million on 410.8 tons of silver. September figures are expected mid-October.
Experts warn the import surge could further strain the already weakened rupee and widen the trade deficit. Meanwhile, gold demand typically peaks during the festive season, especially Diwali, when purchasing gold is considered auspicious.
Indian dealers this week charged an $8 premium per ounce over official domestic prices (inclusive of 6% import duty and 3% sales tax). Traders noted India’s buying momentum surprised markets, contrasting China’s situation, where domestic gold discounts widened to 31–71 USD per ounce below global benchmarks—a multi-year low.
Spot gold rose 0.14% to $3,870 per ounce on Kitco, while December futures dipped 0.02% to $3,896 per ounce as of 13:00 on October 2. Converted at Vietcombank’s USD rate (26,435 VND), global gold prices equate to 123.2 million VND per tael, 14.8 million VND below domestic rates.
Source: Kitco
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