Import value of gold in India FY 2011-2022

In fiscal year 2022, India was estimated to import more than 3.4 trillion Indian rupees worth of gold. This represented an increase of roughly 35 percent compared to the previous year, when Indian gold imports stood at over 2.5 trillion rupees. That same year, gold exports from the South Asian country were valued at 77 million U.S. dollars.

The mining industry in India

India’s mining industry is essential for the country’s economy, contributing around 2.5 percent to its gross domestic product (GDP) and providing some 700 thousand job opportunities. As of 2022, the number of reporting mines in India was estimated at 1,254, less than half the amount in 2015. Despite its meaningful contribution to the nation’s economy, mining in India is also controversial due to its environmental impact and human rights violations.

Global gold trends

In 2021, India ranked as the second largest gold importing country worldwide based on value, just below Switzerland. That year, India accounted for over 14 percent of global gold imports. In terms of output, the global mine production of gold steadily rose and peaked in 2018 and 2019. Around 70 percent of the world’s gold production is used in jewelry, while the industry sector uses only 10 percent.