India April Gold imports more than double to 75 tons

INDIA May 09 2017 4:19 PM
MUMBAI (Scrap Register): Indian gold imports during April has increased drastically to 75 tons, which is about twice the increase when compared to year ago period. This increase is believed to be on the back of strong demand during the festive season.

Rise in imports in India, which is the second biggest gold consuming country after China, will have an impact on the global prices, as the global prices was seen lowest in seven weeks.

The jewellers in the country was cutting down the inventories in 2016, but now they are building stocks ahead of the GST implementation, as sales has improved in the first quarter.

During April, the jewellers went on strike n protest over the re-introduction of an excise duty on gold jewellery, which resulted in drop of imports to 29.9 tons. Drop in local gold prices increased the retail sales and imports are expected to be higher than year ago period of May.