March quarter gold imports decline 32% as Akshaya Tritya fails to enthuse

Lower jewellery demand, flow of unofficial imports keeps inward shipments muted in first quarter of current calendar

Gold imports fell by a staggering 32 per cent fall in March quarter of 2018, a development traders attribute to lacklustre jewellery demand despite Akshaya Tritya in April and the wedding season.

According to GFMS Thomson Reuters data, during the January–March 2018 quarter, India imported 163.1 tonnes gold including dore gold. This is 32 per cent lower than the quantity in the corresponding quarter a year ago. Fine gold from dore import was 35 per cent of total official import. 

“The drop is clearly a sign of a well-stocked market and the deep reach of unofficial imports, which has kept