India's gold imports rebound amid signs that tax woes are fading


By Shruti Srivastava and Vrishti Beniwal
Bloomberg News
Friday, January 5, 2018

Gold imports by India, the world's second-biggest market after China, surged 37 percent in December after falling for three straight months, according to a person familiar with the data.

Inward shipments increased to 77.7 metric tons from 56.9 tons a year ago, the person said, asking not to be named as the information isn't public. In value terms, purchases rose 39.8 percent to 176.7 billion rupees ($2.8 billion). Finance Ministry spokesman D.S. Malik declined to comment.

The data is the latest sign that Asia's No. 3 economy is recovering from a new consumption tax implemented in July, which had weakened demand and disrupted businesses. Jewelry is among India's top exports, accounting for about 15 percent of total sales from April through October. ...

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