Peruvian gold exports to India are projected to reach a record $3 billion in 2024, a 36% increase from the previous year, driven by growing demand in India, the world’s second-largest gold consumer.
Per a report by FXStreet, Peru’s ambassador to India, Javier Manuel Paulinich Velarde, reported a significant 81% rise in gold exports during the year’s first half.
The report added that speaking at the India Gold Conference, Velarde encouraged Indian investment in Peruvian gold-mining projects, which currently have a total investment of $7 billion.
India’s gold demand has been stimulated by a recent cut in import duties on gold and silver, reduced from 15% to 6% in July 2024.
The report highlighted that this reduction led to a 6% drop in domestic gold prices, boosting consumption.
The World Gold Council estimates that the lower import taxes could increase Indian demand for gold jewelry, bars, and coins by 50 tons in the second half of the year.
The report added that India’s silver imports surged in the first four months of 2024, surpassing the total imports for last year, as demand for electronics and appliances that use silver has increased.
