India's gold demand down 24% in September quarter as GST levy, PMLA bite

WGC reported India's overall gold import during the July-September quarter at 161.4 tonnes, up 62 per cent from the corresponding quarter of the previous year

India's gold demand declined by a staggering 24 per cent in the July-September quarter due to the implementation of the goods and services tax (GST) and the government bringing the jewellery industry under the Prevention of Money Laundering Act (PMLA), which deterred buyers as it requires KYC details from them even for retail transactions.

Data compiled by the apex mining industry body, the World Gold Council (WGC), showed India's overall gold demand at 145.9 tonnes for the quarter ended September 2017 compared to 192.8 tonnes in the corresponding quarter last year. The decline in demand was attributed to the uncertainty