Silver imports, however, dipped by 93.7 per cent to $39.4 million.
Significant increase in the gold imports has led to widening of the country’s trade deficit, difference between imports and exports, to about $31 billion during April-June this fiscal.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.
Gems and jewellery exports increased to $9.1 billion during the first three months of the current fiscal as against $2.7 billion in the same period previous year.
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