India's gold import may have risen by 15 per cent to 75 tonne in January, compared with 65 tonne in January 2012.
NEW DELHI(BullionStreet): India's gold traders boosted imports during the first two weeks of this month anticipating the duty hike, according to All India Gems & Jewellery Trade Federation.
Federation chairman Bachhraj Bamalwa said country’s gold import may have risen by 15 per cent to 75 tonne in January, compared with 65 tonne in January 2012.
India raised import duty on gold and platinum to 6 per cent from 4 per cent with immediate effect on January 21in order to curb imports of the precious metals so as to check the widening current account deficit.
Prior to the official announcement however India’s finance Minister Chidambaram had indicated measures to curb gold import at the beginning of the month.
Wedding season demand would boost gold imports next month despite the duty hike, analysts said.
Buying gold is considered auspicious in India during religious festivals and weddings. The festivals start in August and end in November, and are followed by the wedding season.