Recall that India imported 159 tonnes of gold in March. It’s being reported that India may import 100 tonnes in April, which would be an increase of 89% over April 2014. In the first three months of 2014, India has imported 286 tonnes of gold vs 137 tonnes for the same period in 2014. LINK
If India continues to import gold at the current rate, it is on track to import over 1100 tonnes this year. That would be close 50% of the entire amount of gold produced globally this year.
In fact, if I were the National Association of Realtors or the Government economic statisticians, I would be reporting that: “India imported 1,144 tonnes of gold in Q1, on a seasonally adjusted, annualized rate basis.”