Gold imports more than double in June

Local consumption is forecast to rise to 850 tonness to 950 tonnes by 2020

Gold imports by India, the world’s second-biggest user, more than doubled in June from a year earlier amid a rush by jewelers to build up inventories ahead of a tax change.

Inbound shipments surged to 72 tonnes last month from 31.8 tonnes a year earlier, according to a person familiar with provisional data from the finance ministry, who asked not to be identified as the figures aren’t public. Finance Ministry spokesperson D S Malik declined to comment on the numbers.
 

The government has embarked on the most radical tax overhaul in decades, ushering in a new nationwide goods and services tax