In April-February 2018-19, gold imports fell in value terms by almost 5.5 percent to $ 29.5 billion. Total precious metal imports in the corresponding period 2017-18 were $ 31.2 billion, according to the Department of Commerce.
Exports of jewelry and gemstones in 11 months of the current fiscal year also decreased by 6.3 percent to $ 28.5 billion.
Trade experts believe that the decline in imports may be due to lower prices for the yellow metal on world markets.
India is the world's largest gold importer due to high demand from the jewelry industry.
In physical terms, the total volume of gold imports into the country increased by 22.43 percent to 955.16 tons in 2017-18. In 2016-17, it was at the level of 780.14 tons.
The government has taken a number of measures to reduce gold imports, including a duty-free restriction on gold imports from South Korea and a 10 percent import duty on gold.
The Indian jewelry industry is constantly in need of making the yellow metal available to boost domestic jewelry exports.
