Demand for gold, imports nosedive to three-year low post budget

In the first six months (January to June) of this calendar year, India imported 427.8 tonnes of gold at a monthly average of 71.3 tonnes

This September quarter is seen as one of the worst for jewellers in many years, as an increase in import duty, followed by sharp increase in prices, have pushed the cost of gold to all-time highs.
 
Gold demand, import, and import bills have declined sharply, as a result. However, this is good news for the central government at a time when crude oil prices are rising. The import of gold in August stood at $1.36 billion (Rs 9,600 crore) — a 36-month low. It was also, for the first five months of this financial year, a three-year low at