Indians are falling out of love with gold and have a new-found fascination

Weak rupee, less rural demand and low interest from millennials are among the factors for low imports

Imports slumped more than 25 per cent to 54 metric tons in June from a year earlier, a person familiar with the information said, asking not to be identified as the figures aren’t public. Overseas purchases plunged 40 per cent to 343 tons in the first half from a year ago, according to data from Finance Ministry officials compiled by Bloomberg.
 

Buying has been poor as the rupee extended its slump to a record low last month, making prices of overseas goods more expensive. Rural demand has suffered as farmers typically slow purchases from June to August because they are