India reported a 50 per cent increase in gold jewellery exports in 2021 as market demand continues to strengthen and governments progressively relax Covid-related restrictions.

Data from the Gem & Jewellery Export Promotion Council (GJEPC) showed that gold jewellery exports reached US$8.8 billion in 2021 from US$5.87 billion in 2020.  

Colin Shah, chairman of GJEPC, explained that India is witnessing a correction in the import and export of gold post-pandemic. A tighter gold supply in 2020 resulted in de-stocking by India’s jewellery manufacturers. Easing of restrictions globally in 2021, however, paved the way for a more stable supply of gold, helping Indian jewellery manufacturers replenish their stock, explained Shah. 

India imported 1,067.72 tonnes of gold in 2021, up from 430.11 tonnes in 2020, GJEPC data showed.