Tsuen Wan International: India imports gold totalling $8.96 billion in May.

June 22, 2011 - PRLog -- Tsuen Wan International has learned the India, the world’s largest gold consumer’s import of the yellow metal recorded a staggering 222% rise in May of this year.

India’s commerce ministry informed Tsuen Wan International that the value of total imports in May totalled $8.96 billion with gold demand rising 25%.


Similarly, the jewellery manufacturing giant’s imports of pearls and precious stones rose 24.6% to $ 5.20 billion for the same period.

Industry specialist feel that India's central bank, the Reserve Bank of India's decision to grant licenses to seven more banks to import bullion has helped drive up demand.


Karur Vysya Bank, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, Punjab and Sind Bank, South Indian Bank, State Bank of Mysore and State Bank of Travancore are the latest new licensees.

Since the beginning of 2011, around 30 banks in India have been granted permission to import gold and silver. Jewellers now have access to easier supplies which in turn is also pushing up demand.

Another factor expected to boost imports is that the flow of scrap is also expected to drop from the yearly average of 200 tones, underlining the insatiable appetite of the Indian consumer Tsuen Wan International was told.

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Tsuen Wan International is a leading independent investment company, based in the heart of Hong Kong. Tsuen Wan International offers a variety of investment products for institutional, corporate and high net worth investors in equity debt and FX markets.