India topped among Swiss gold importing countries, Switzerland exported about 42 per cent of the total gold and silver to India.
NEW DELHI(Bullion Street): India topped among Swiss gold importing countries, Switzerland exported about 42 per cent of the total gold and silver to India.
India imported 1.63 billion francs ($1.8 billion) worth gold, silver and coins in the month of June from Switzerland. While the total value of exports from Switzerland stood at 3.9 billion Swiss franc ($4.3 billion), according to Swiss government.
The overall Swiss exports increased to 32.1 billion francs this year on account of Indian Gold demand. India alone imported 7.3 billion francs worth gold from that total, or roughly 23% of their market. Gold is used primarily to make jewellery in India, which is considered a store of value and used as part of many rituals, including weddings.
In the last decade, 75% of gold demand in India has taken the form of jewellery, according to the World Gold Council. More than two-thirds of that demand comes from the country’s rural population, where practical considerations of the portability and security of jewellery as an investment keep demand high even among the low income Indians.