Top 10 Gold Importers in India

Key Highlights: 

• In 2023-24, India imported gold worth US$ 36.6 billion, making it 5th largest gold importer in the world.

• The top Gold importing countries are Switzerland, China, the United Kingdom, Hong Kong, and India.

• The top gold importers in India include PEC Limited, State Trading Corporation Of India Limited, National India Bullion Refinery Aca, Orra Jewellery, and Heera Gold exports and imports. 

• Switzerland, South Africa, and the United Arab Emirates are India’s leading import destinations for gold. 

• In July 2024, the import duty on gold in India decreased by 9% from 15% to 6%, which would lift retail demand and help cut smuggling.

Gold is the precious metal embedded in placer stream graver or quartz veins. It is used in making jewellery, coins, electronics, dental alloys and many other products. It is an exchange of mediums internationally. 

In India, Gold is considered the symbol of wealth and purity. Did you know India is the second largest consumer of gold after China? India consumes around 849 metric tons of gold each year. However, its domestic production of gold is not considerable enough, making India one of the largest importers of gold worldwide.

This blog will give details of the top 10 gold importers in India, gold import data of India, Top leading destinations for gold Import into India and more.

India's Gold Market and Demand: 2023-24

• The demand for gold in the Indian market is estimated to range from 700 metric tons to 750 metric tons in 2024, the lowest in the last four years.

• The rural sector and strong GDP forecasts will likely promote the gold demand in this second half of the year.

• In July 2024, the gold price in India was INR 67,500 ($ 806.20) per 10 grams, which was INR 74,777 in June 2024. This fall in the price of Gold in India is assumed to cause a rise in demand for gold. 

Gold Import Data of India

• In 2022-23, India imported gold worth $35.8B, making it the world's fifth-largest gold importer.

• From April to December of 2023-24, India imported gold worth $35.95 billion, around 26% higher than the gold imported to India in the same period of last fiscal year, which was $28.4 billion.

• In December 2023, the import of precious metals, including gold, surpassed $3 billion, increasing by 156%.

• Gold is traded in three primary forms: powder, Unwrought, and semi-manufactured. 

• In 2022-23, gold was India's 3rd largest imported product. 

• The fastest-growing markets to import gold in India are the United States ($551M), Gnana ($546M), and Uganda ($417M).

• In July 2024, the import duty on gold in India decreased by 9% from 15% to 6%, which would lift retail demand and help cut smuggling.

Top 10 Gold Importers in India

Here is the list of the top 10 gold importers in India: 

• PEC Limited

• State Trading Corporation Of India Limited

• National India Bullion Refinery Aca

• Orra Jewellery

• Heera Gold exports and imports

• Alif Stores

• Radhika Jewellers

• Classic Metal

• State Trading Corporation Of India Limited

• Sona Export

• Divine Costumes

So, PEC Limited is the largest importer of gold in India. Besides these, India has many other importers who import gold in large quantities to cater to the enormous domestic demand for gold. To access the full list of gold importers in India, get easy-to-use and most recent gold import data of India on Eximpedia.app. 

Top Gold importing Countries

Here is the list of the top 10 gold-importing countries: 

Switzerland is the biggest exporter and importer of gold. To learn more about the largest gold import markets, get gold import data with just one subscription to our website, Eximpedia.app. 

From Where does India import gold?

Here is the list of India’s leading import destinations of Gold: 

• Switzerland: $13 billion

• South Africa: $3.33 billion

• United Arab Emirates: $3.22 billion

• Guinea: $2.41 billion

• Uganda: $417 million

So, as per gold import data of India, Switzerland is the largest market for gold importers in India, with a 41% share of total gold imports, followed by South Africa (13%) and UAE (10%). To get more details related to shipment options, gold rates and other information on all these destinations, connect with our experts on Eximpedia.app. 

Procedure for Importing Gold into India

Here are the basic steps that are needed to be followed to start a successful gold import business in India: 

• Business Plan: First and foremost, market research is done to choose the best market to import gold into India. Creating an overall business plan is the most crucial step for gold importers in India. It is the process of creating a road map for the future. It consists of a management plan, financial plan, transportation options, etc.

• Obtain licences and permits: The next step for gold importers in India is to get the required licenses and permits. The licenses required to start a gold business include an importer-exporter code (IEC), Business Identification Number (BIN), GSTIN, business registration and insurance.

• Find Gold Suppliers: After a successful business establishment, it's high time to find suppliers overseas. Gold import data from India will help you find suppliers that match your import requirements in quantity, quality, and price. However, if you need the most updated gold import data or gold importers list, connect with our user-friendly data-driven platform and easily obtain buyer's contact details. 

Limitations on the import of Gold in India

• Gold in coins and medallions is prohibited from being imported into India.

• Ornaments studded with stone and pearls cannot be imported into India.

• All the imported gold must first be verified through custom-bonded warehouses.

• The gold importers in India must submit a report of their utilisation and proof of evidence to the central excise office.

• An Indian man can import gold worth up to INR 50,000, while an Indian woman can import gold worth INR 1 lakh from Bhutan tax and import duty-free.

The Final Words!

India is a significant gold market where gold demand is connected to the country’s GDP. As the government grows, demand rises, and vice versa. Gold importers in India are running successful import businesses by importing gold from overseas, but they need relevant information on market insights, competitive strategies, and more. 

Eximpedia.app is here to provide you with deep knowledge of gold imports by exploring India's gold import data. To connect with us, click here.

Frequently Asked Questions (FAQs)

1. Who is the biggest gold importer in India?

The top gold importers in India include PEC Limited, State Trading Corporation Of India Limited, National India Bullion Refinery Aca, Orra Jewellery, and Heera Gold exports and imports. 

2. In which country gold is cheapest?

Hong Kong, Colombia, and Australia are the countries where gold is the cheapest. In all these countries, the price of gold revolves around INR 6,000 Per 1gm. 

3. Is it illegal to sell gold in India?

No, it is legal to sell gold in India. Individuals or businesses can sell gold but must comply with tax obligations and relevant regulations.

4. Which company supplies gold to India?

PEC Limited, State Trading Corporation Of India Limited, and a few more companies are appointed by the government to import the gold and silver and supply it to various traders and jewellery manufacturers all over India.