Gold Imports by India Are Said to Slump Before Key Day for Sales
- Purchases from January to March shrank by 42% from year ago
- Auspicious Hindu day seen lacking ‘crazy, mad rush’ of past
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Gold imports by India, the largest market after China, fell by almost half last month, according to a person familiar with the information, even as jewelers prepare for “decent” sales during an auspicious Hindu day.
Shipments plunged 47 percent to 64.2 metric tons in March from 121 tons a year earlier, the person said, asking not to be identified as the figures aren’t public. Imports in the first three months totaled 159 tons, down 42 percent from a year ago, data collated by Bloomberg show. Finance Ministry spokesman D.S. Malik didn’t answer a call to his mobile phone.