Pursuits
Indian Gold Imports Said to Plunge in March on Jewelers' Strike
- Imports said to fall 88 percent year-on-year to about 16 tons
- Jewelers shut shops during March to protest tax policy change
Jewelers demonstrate against the proposed excise duty on gold and diamond jewelry products.
Photographer: Pacific Press/LightRocket via Getty ImagesThis article is for subscribers only.
Gold imports by India, which vies with China as the biggest consumer of the metal, slumped 88 percent last month as a strike by jewelers curbed purchases, a person familiar with provisional Finance Ministry data said.
Inbound shipments declined to about 16 metric tons in March versus 133 tons a year earlier and 35 tons in February 2016, the person said, asking not to be identified as the data isn’t public. For the year ended March, India imported about 894 tons worth 1.88 trillion rupees ($28 billion), down from about 1,133 tons or 2.67 trillion rupees in the prior fiscal year, the person said.