India’s gold imports climbed to 802 tonnes in 2024!

 

An opportunity for buyers to secure investments ahead of festive 

At the moment when gold price reached ₹10,000 per gram for 24K, All India Gem and Jewellery Domestic Council (GJC), issued their optimistic note on Monday, 23 April, as gold has become a dearer for any good investment portfolio. 

At the juncture, Rajesh Rokde, Chairman-All India Gem and Jewellery Domestic Council (GJC) said, Gold prices in Mumbai are soaring, with 24K gold at ₹10,000 per gram and 22K gold at ₹9,290 per gram. Predictions for gold to reach $4000 globally highlight sustained demand driven by investment buying and government interest. 

Temporary corrections and profit booking have occurred but haven’t slowed the bullish momentum. India’s gold imports climbed to 802 tonnes in 2024 from 741 tonnes in 2023, reflecting strong market activity despite occasional dips. Jewellers are enticing customers with attractive offers, especially during the wedding season and ahead of Akshaya Tritiya.  

This festival, celebrated as a particularly auspicious time for gold purchases, is expected to further boost demand, making this a golden opportunity for buyers to secure investments before prices escalate further.  

GJC-Vice Chair Avinash Gupta said, the parabolic movement of gold suggests it could potentially reach $3,800 to $3,900 soon, exceeding my earlier prediction of $3,500 by April's end. Indian consumers continue to surprise the market with their unwavering demand, supporting the jewelry community despite rising prices.  

Gold's solid returns have reshaped perceptions among portfolio managers, advocating for a 15–20% portfolio allocation to gold. The demand for gold remains resilient. Silver is also gaining traction as silver jewelry, matching gold in quality, appeals to aspirational buyers with tighter budgets.  

On April 8th, price rumours led to old gold sales, but the phase has shifted towards exchanging for fusion jewellery designs. As Akshay Tritiya and the wedding season approach, new jewellery purchases combined with sentimental old pieces are set to drive strong demand in the months ahead, signalling robust growth in both gold and silver markets."