Gold imports dip 14.5% to 759 tonnes in 2018 on tepid demand, rule changes

Sluggish jewellery offtake due to higher prices and not so good monsoon stifled rural demand; Consumers were also reluctant to buy ornaments in cash beyond a limit

India’s gold imports have declined by 14.5 per cent in 2018 to 759 tonnes from 876 tonnes the previous year. The reason are, sluggish demand, changes in regulations such as alteration of criteria for nominated agencies to import gold and the ban on export of 24 carat jewellery to stop misuse.  

According to data compiled by the GFMS Thomson Reuters, the drop in import volumes is matched by a decline in the value of inward shiipments, which were estimated to be lower by 13.4 per cent to $31.37 billion in 2018.

The fall in imports is attributed to weak rural