Early indications from the World Gold Council showed imports in the quarter ending March were high.
Also, imports this year are likely to be high, as auspicious gold-buying occasions this year would be 20 per cent more than last year, WCG has said.
This year, WGC expects India’s gold demand to stand at 865-965 tonnes. Last year, it was 864.2 tonnes.
Last year, “gold-buying occasions were less; this would be corrected this year and, therefore, demand would be higher,” David Lamb, global managing director (lifestyle and jewellery), WGC, told Business Standard.
Since India doesn’t produce gold, the demand is met through imports.
Only a small portion of the demand is met through recycled gold.
Last year, gold imports stood at 864 tonnes, while recycled gold stood at 117 tonnes.
“While the range of imports is kept wide, as we live in a world with volatile influences such as exchange rate, inflation and consumer confidence.
"But, on the positive side, 2013 has more auspicious days,” said Lamb.
Last year, auspicious dates to buy gold were lower by 20 days, which led to jewellery demand falling 11 per cent to 552
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