GOLD BULLION imports through the India hub of Ahmedabad have risen to a six-year high, according to the city's air cargo operators.
"Compared to 2009-10, the gold import at Ahmedabad has increased by more than 15% in [the last 11 months of] 2010-11," says Samir Mankad, CEO of GSEC Ltd at the city's airport, speaking to the DNA newswire.
Gold Bullion imports through Ahmedabad fell below 155 tonnes in 2008-09, when the global financial crisis saw India – the world's No.1 consumer nation – become a net exporter of gold for the first time since the 1930s' Great Depression.
Last year saw Indian gold demand – sourced almost entirely from imports and recycled jewelry, as the country has no domestic mine output – surge by 66% from the depressed levels of 2009, according to data from market-development body the World Gold Council.
"Two years back, due to global recession and slowdown in India, many could not invest in gold," says Gold Bullion trader and analyst Girish Chokshi, also quoted by DNA.
"Now, they don't want to miss it again. The import has gone up because the demand is aggressive."
"The present gold buyers are probably the same who missed the opportunity two years back," agrees Manoj Soni of AB Jewls, adding that "Rural areas contributed the most in gold demand" as farmers took profits on real estate, and put the money raised straight into Gold Bullion.
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