India’s Gold Imports Slump as Festival Fails to Light Up Demand
- Imports during January to November fall 63% from year earlier
- Diwali gold jewelry, coin and bar sales were lower this year
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Gold imports by India tumbled last month as the festival of lights failed to revive demand in the world’s second-biggest consumer.
Overseas purchases fell 41% in November from a year earlier to 33.1 tons, according to a person familiar with the data, who asked not to be identified as the information isn’t public. Still, imports showed an improvement from the 29 tons in October. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to a call to his mobile phone.