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After Q1 spike, gold imports to drop sharply under GST, says WGC

India is the world's second largest gold consumer after China

Jan Harvey  |  London 

Indian gold imports will drop back sharply after jumping in the first quarter, the World Gold Council (WGC) said on Wednesday as the launch of a new tax regime and restrictions on refiners' ability to import gold dore take their toll. Full-year imports will be little changed from 2016's 524 tonnes, gold industry-funded WGC's managing director for India Somasundaram PR said. Given the doubling of imports in the first quarter to 253 tonnes, as jewellers rushed to restock ahead of the introduction of the new national sales tax on July 1, that suggests imports will reach ...

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First Published: Thu, May 18 2017. 00:51 IST