India’s gold imports plunged 99.9% year-on-year in April to their lowest in nearly three decades as air travel remains suspended and jewellry shops were closed amid a nationwide lockdown to curb the spread of coronavirus.
The world’s second-biggest consumer of the gold after China, imported its lowest monthly volumes at around 50 kilograms of gold in April, down from 110.18 tonnes a year ago.
Overseas purchases slumped 99.5% to 60 kilograms in April from 13 tons a month ago, according to a person with knowledge of provisional finance ministry data, who asked not to be identified as the information isn’t public. That would be the lowest monthly inflow in records going back to 2010.
A nationwide lockdown, which has been in place since March 25, has rippled through the country’s economy hitting incomes, jobs and shuttering many industries including airlines, and gems and jewelry.
Imports were negligible in April as most of the country’s imports are typically shipped by air, with a smaller volume coming via land from either Bangladesh or Nepal, said N. Anantha Padmanaban, chairman of the All India Gem and Jewellery Domestic Council. He estimates imports will halve this year to about 350 tons.
While India has eased some restrictions, that’s unlikely to help salvage economic growth this quarter or even the fiscal year as consumption continues to suffer.
Most jewelry stores across the country continue to be closed in what is turning out to be one of their longest shutdowns ever.
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