Peru’s Gold Exports to India Set to Reach Record High in 2024
BENGALURU (Reuters) – Peru’s gold exports to India are set to jump 36% from a year ago to a record $3 billion in 2024, driven by rising demand from the world’s second-biggest consumer, a senior government official said on Friday.
India’s gold imports from Peru in the first half of 2024 rose 81% from a year ago to $1.47 billion, Javier Manuel Paulinich Velarde, the Peruvian ambassador to India, told India Gold Conference on Friday.
In 2023, India became the second biggest buyer of Peru’s gold and it should invest in new gold mining projects in the South American country considering rising demand for the metal, he said.
India fulfills most of its gold demand through imports. While China, Canada, Mexico, and the U.S. are investing in Peru’s mining sector, India has not yet invested despite being a leading buyer of gold, Velarde said.
“Currently, we have six major gold projects in the investment stage with a total buying investment of 7 billion dollars,” he said.
Insight:
Peru’s increasing gold exports to India signify a growing economic relationship between the two countries. As India continues to be a major importer of gold, investing in Peru’s mining projects could potentially strengthen bilateral ties and boost economic growth for both nations.
By tapping into Peru’s rich resources and investing in new mining projects, India could secure a stable supply of gold and further diversify its sources of this precious metal. This strategic move could not only benefit India’s domestic gold industry but also contribute to Peru’s economic development through increased investments.
It is important for India to consider its position as a significant player in the global gold market and explore opportunities for collaboration with Peru in the mining sector. This partnership has the potential to create mutually beneficial outcomes and drive further growth in the gold trade between the two countries.
(Reporting by Rajendra Jadhav and Sherin Elizabeth Varghese in Bengaluru; Editing by Sandra Maler)
