Peru’s gold exports to India set to hit record high, says official

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Peru’s gold exports to India set to hit record high, says official

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 ********* 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.

(Reporting by Rajendra Jadhav and Sherin Elizabeth Varghese in Bengaluru; Editing by Sandra Maler)

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