Gold import fell by 50% in first half of 2016

India’s gold imports fell in the first six months of 2016. The country's Gold import bill during the period had been estimated at $9.4-9.6 billion with imports estimated at around 210 tons. The import bill was down over 40% from the same period a year ago and tonnage was down almost by half.

In January the imports was at 75 tons, after which it has been averaging 27-30 tons a month. The worst month for Gold imports was March because of a strike by jewellers over the imposition of an excise duty.