India’s gold import fell by 67.33% in April

The Dollar Business Bureau

According to gold and silver refiner MMTC Pamp, gold imports fell by 67.33 per cent in April 2016. The fall in imports came as a result of the jewelers’ strike, who were opposing the one per cent excise duty on all non-silver jewellery. MMTC Pamp is a joint venture between the state’s Metals and Mineral Trading Corporation and Switzerland’s PAMP.

A senior official from MMTC Pamp said that import of gold has decreased to 19.6 tonnes in April 2016 from 60 tonnes in the previous year. The fall in import is mainly due to weak demand. He also said that the bullion shipment of total imports was at 13.14 tonnes in April as against the 54 tonnes in the previous year.

MMTC Pamp also added that they have not included gold that was imported for the purpose of export in April’s gold import data.

Poor demand and the jewelers strike have shrunk gold import during the month. Gold that was previously imported during January and February was being used in the market.

Jewellery houses have been closed after the budget announcement protesting against the levying of 1 per cent excise duty on non-silver jewellery. The strike was temporarily called off when the jewelers were assured that they will not be harassed by the excise officials.

India has imported 750 tonnes of gold during the year 2015-16 as against 971 tonnes of gold in the previous year, thus witnessing a significant fall in the import of the yellow metal.