The Phaserl


Rising Gold Imports in January Scupper Hopes India Will Lift Import Restrictions

by Shivom Seth,

Gold starved Indians imported 38 tonnes of gold in January, as compared to a low of 3 tonnes in August last year. In December, gold imports rose to 25 tonnes, higher than the 19 tonnes shipped into the country in the previous month.

The increase in imports has been attributed to a rise in domestic demand from the start of the year, as well as more export orders and imports by non resident Indians, who are allowed to bring up to 1 kilogram of gold by paying 10.3% duty.

Traders said the direct import of jewellery has also risen in the last couple of months, all of which could have added up to the current rise.

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