India registered a manifold raise in import of gold during the first three months of FY22 on a year-on-year basis, to nearly $7.9 billion.
This rise in gold imports can be attributed to low imports during the same period last year owing to the nationwide lockdown and the revived consumer demand in this financial year.
During the same period last fiscal, gold imports stood at $687.83 million.
As per data from the Commerce Ministry, import of the yellow metal in July also registered a nearly 60 per cent rise to $969.87 million.
Silver imports, however, have declined this fiscal.
During Q1FY22, silver imports stood at $39.39 million, 93.15 per cent lower than $575.11 million worth of imports in April-June FY21.
In June, silver worth $11.83 million was imported, against $137.22 worth of the metal imported during the same month last fiscal.
India, a major importer of gold, exports gems and jewellery. In April-June, gems and jewellery worth $9.17 billion was exported, 244.29 per cent higher on a year-on-year basis.