Gold demand falls 5% in Q2 CY24; import duty cut to spur growth in Q3
The 9% reduction in import duty on gold is expected to revive demand in the July-September quarter,” says Sachin Jain, Regional CEO, India, World Gold Council.
gold imports
July 2024
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July 2022
Coal: On The Ebb
Sector Macroscope
Gold imports dip 24% to $35 bn in FY23
Experts have cited high import duty for the dip in imports of yellow metal; WGC sees a healthy upside for investment in 2023
Gloomy quadrilateral sank rupee 11% in 2022
Against the backdrop of the strengthening Dollar Index that made its two-decade high in September 2022, the rupee managed to close the year at 82.61 to the US dollar, down from 74.29 at end of 2021.
Gold jewellery retail volumes may fall 5% in FY23: Crisil
Though higher gold prices will compensate for the volume loss and ensure the industry's revenue remains flat year-on-year, operating margins would be impacted.
Gold import duty hike to raise retail jewellery prices and smuggling
Overall taxes on gold now rise sharply from 14% to around 18.45%.
