WGC cuts full-year forecast for 2019 to 700 tonnes from 750-800 tonnes estimated projected earlier
The illegal trade could rise further in coming months as India, the world's second biggest gold consumer, raised an import tax on gold by 2.5 percentage points to 12.5% in July's federal budget
Two-thirds of India's gold demand comes from rural areas, where jewellery is a traditional store of wealth
Apart from demand for jewellery fabrication, physical investment is expected to improve 4 per cent