The import of gold remained stable at around 100 tonnes in November compared to 97 tonnes of import recorded in the month of October. This stable import was despite fall in sales of jewellery due to cash crunch post demonetisation. The overall gold imports in the October-December quarter is expected to be around 250 tonnes, which is almost similar to the year-ago period.
All India Gems and Jewellery Trade Federation (GJF) expects the overall gold imports for the current calendar to decline to 650 tonnes from 850 tonnes last year due to poor sales following strike by jewellers for two months against the government decision to impose one per cent excise duty.
India’s gold demand declined by 28% to 194.8 tonnes during July-September quarter of this year, according the World Gold Council’s report, due to high prices, not so recovered rural wallet and regulatory changes.