India’s gold imports from Peru rose 81% in the first half of 2024, expected to hit a record $3 billion this year, driven by rising demand and Peru’s expanding mining investments.
India’s gold imports from Peru are on track to reach a record $3 billion in 2024, reflecting a 36% increase from the previous year. In the first half of 2024 alone, imports soared by 81% to $1.47 billion, according to Javier Manuel Paulinich Velarde, the Peruvian Ambassador to India. The figures were announced during the India Gold Conference in Bengaluru on Friday, highlighting the rising demand in India, the world’s second-largest consumer of gold.
India relies heavily on imports to satisfy its gold needs, with Peru emerging as a significant supplier. In 2023, India became the second-largest buyer of Peruvian gold, driven by the country’s growing appetite for jewellery, investments, and cultural demand for the precious metal.
The ambassador emphasised the untapped potential for Indian investments in Peru’s gold mining sector, where countries like China, Canada, Mexico, and the U.S. are already making significant contributions. “Peru currently has six major gold projects in the investment stage, with a combined value of $7 billion. India’s participation could enhance supply stability and deepen economic ties,” Velarde stated.
India’s increasing gold imports from Peru signal strengthening trade relations between the two nations, as well as opportunities for future collaborations in mining and resource development. With demand showing no signs of slowing, Peru’s role in supplying gold to India is set to grow further, potentially leading to strategic investments in the South American country’s mining industry.
