Gold imports may cross 1,000 tons this year

India's gold imports may hit an all time high of over 1,000 tons in 2015 buoyed by sharp fall in global prices, according to All India Gems and Jewellery Trade Federation. The world's second-biggest gold consumer had imported around 900 tons in 2014.

As per the federation, India has imported 850 tons of gold during January-September period of 2015 as against 650 tons in the year-ago period. Imports in the October-December period this year are likely to be lower compared to the year-ago period because traders imported more during last year fearing further restrictions on gold shipments. Gold is the second-largest import item for India after petroleum. Higher gold import bill adversely affects the country's current account deficit.