Gold imports drop 16% in FY16

India's gold imports in 2015-16 financial year, ended on March 31, dropped 16 per cent from a year ago to 926 tonnes, news agency NewsRise Financial reported on Wednesday, as higher prices and jewellers' strike curbed demand in the previous quarter.

The world's second biggest consumer imports in March slumped to 18 tonnes from 125 tonnes in the previous year, the agency said quoting provisional data provided by a finance ministry official.

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Indian jewellers went on an indefinite strike from March to protest the reintroduction of excise duty on gold jewellery after four years.

 

The strike and higher prices are believed to have cut India's demand for gold in March quarter by about two-thirds from a year ago to its lowest in seven years.