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Bloomberg
Gold imports by India, the world’s biggest consumer after China, dropped 31 percent in October from a year earlier, according to a person familiar with matter.
Inbound shipments fell to 66.8 metric tons in October, from 96.7 tons, said the person, who asked not to be identified because the data aren’t public.
The figure would leave imports for the first 10 months at 777.1 tons, still 91 percent higher on the year, according to data compiled by Bloomberg. Finance Ministry spokesman DS Malik didn’t respond to a call to confirm the
October amount.
Shipments had surged this year on purchases ahead of a new national tax regime in India, and as some buyers looked
to benefit from bilateral duty-free trade agreements with nations like South Korea and Indonesia, avoiding the 10 percent levy applied to imports from other countries.