INDIA July 03 2017 3:16 PM
MUMBAI (Scrap Register): Gold imports in the Indian state of Gujarat is seen to decline by about 60 percent in the period of June this year, which believed to be happened due to the uncertainty of the Goods and Service Tax (GST).
Gold imports during last month was seen at 4.85 tons which is a five month low and it declined further. Gold prices during the period of June this year was at Rs 29000 per 10 grams and it remained constant. The main reason for the decline in the imports is believed to be the loss of confidence of the investors.
"The market was extremely uncertain and most purchases in June were those from jewellers who received advance orders for wedding jewellery. Moreover, the wedding season in May had a significant number of muhurats which led to an uptake in May sales and imports," stated by Jigar Soni, Secretary, Ahmedabad Jewellers Association.