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Gold Imports by India Said to More Than Double Ahead of New Tax

  • Government fixed a 3 percent national tax on gold from July 1
  • Purchases compare with year’s high of 126 metric tons in May
Small Gold Retailers Irked By Modi Imposing A 1% Excise Tax On Jewelry
Photographer: Dhiraj Singh/Bloomberg

Gold imports by India, the world’s second-biggest user, more than doubled in June from a year earlier amid a rush by jewelers to build up inventories ahead of a tax change.

Inbound shipments surged to 72 metric tons last month from 31.8 tons a year earlier, according to a person familiar with provisional data from the finance ministry, who asked not to be identified as the figures aren’t public. Finance Ministry spokesman D. S. Malik declined to comment on the numbers.