India’s gold imports fell last January by 76 percent compared to the previous year, to their lowest level in 32 months, due to falling demand following domestic prices rose to record levels, and jewelers postponed purchases in the hope of reducing import duties.
Archyde.com quoted a government source as saying that the country imported 11 tons of gold in January, compared to 45 tons a year earlier.
He added that in terms of value, January imports fell to $697 million from $2.38 billion a year earlier.
India is the second largest consumer of gold in the world, amounting to regarding 800 and 900 tons annually, and it occupies an important position in the global markets, according to data from the World Gold Council.
Indians have traditionally preferred gold as a store of value, and buying and gifting jewelry is seen as highly appreciated in the country, especially during festivals and weddings.
