MUMBAI (Scrap Register): The launch of new tax policy and restrictions on refiners ability to import gold is taking effect as the Gold imports to India is expected to decline drastically after the huge rise in the first quarter, as per the world gold council.
A little change will be seen in the full year imports from 253 tons of 2016. Jewellers rushed to restock ahead of the introduction of the new national sales tax indicates that imports will reach only 271 tonnes in the remainder of the year.
WGC's managing director for India Somasundaram PR quoted "Overall demand is going to be (flat at) 650-750 tonnes, and I don't expect imports to behave any differently compared to demand,".
In the last two years between a quarter and a third of India's gold imports were made in the form of dore, but that has been declining recently, as per WGC.