Gold imports double in September quarter despite GST, PMLA notification

GFMS Survey also sees strong demand in December quarter, projects high prices next year

Gold imports in the September quarter doubled despite the complications arising out of the goods and services tax (GST) implementation, money-laundering restrictions, curbs on export houses and a dull demand season.

According to a GFMS Thomson Reuters gold survey released on Thursday, “The September quarter’s official gold imports were 132.7 tonnes, representing a 66 per cent rise.” 

Due to a loophole in the import policy after implementation of the GST, 33 tonnes of gold is estimated to have been imported from South Korea during July and August under a free trade agreement. If these imports are considered, official gold imports during the