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Home / Metal News / Indian Gold imports decline drastically to 926 tons in FY 2016

Indian Gold imports decline drastically to 926 tons in FY 2016

iconApr 14, 2016 14:28
Source:SMM
Indian gold imports has declined drastically by 16% year-on-year to 926 tons during the fiscal year 2015-16.

INDIA April 14 2016 11:25 AM

MUMBAI (Scrap Register): Indian gold imports has declined drastically by 16% year-on-year to 926 tons during the fiscal year 2015-16 as higher prices and jewellers' strike curbed demand in the previous quarter, reported news agency NewsRise Financial.

The world's second biggest consumer imports in March slumped to 18 tons from 125 tons in the previous year, the agency said quoting provisional data provided by a finance ministry official. 

Indian jewellers went on an indefinite strike from March to protest the reintroduction of excise duty on gold jewellery after four years. 

The strike and higher prices are believed to have cut India's demand for gold in March quarter by about two-thirds from a year ago to its lowest in seven years.


India gold imports
gold prices

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