Indian Gold imports plummet to 19.6 tons in April

INDIA May 05 2016 4:33 PM

MUMBAI (Scrap Register): Indian gold imports plummeted during April as jewellers’ strike opposing one per cent excise duty on non-silver jewellery significantly hit demand for the metal.

According to MMTC Pamp. India gold imports during April plummeted by 67.33 to 19.6 tons, as compared to 60 tons a year early. Bullion imports declined drastically to 13.14 tons during April, down from 54 tons a year ago.

Citing reasons for the fall, MMTC Pamp said, “not much was imported due to poor demand in the wake of jewellers’ strike in April. Whatever gold that was imported in January and February was being used.”