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Bloomberg
Gold imports by India are said to have risen in July on arrival of some delayed shipments booked ahead of the implementation of a new national goods and services tax on July 1, according to sources.
Inbound purchases rose to 53.4 metric tons last month from 22 tons a year earlier, said the person, who didn’t wish to be identified. Imports of the metal fell from 72 tons in June. Total imports during January to July jumped more than 2 1/2 times to 625.5 tons, according to data compiled by Bloomberg. While traders and dealers stocked up on gold inventories ahead of the levy of the national GST on fears of a higher duty, demand is expected to slow in the second half of 2017 as buyers take time to transition to the new regime, the World Gold Council said.