India’s gold imports drop to the lowest since 2003 - GFMS

According to the latest Thomson Reuters GFMS Survey, India’s gold import in 2016 in tonnage terms dropped to the lowest since 2003.

The organization has estimated the official gold import in 2016 at 492 tonnes, a large part of that being for export. 

The drop in the Indian gold imports had been largely due to the immediate impact of demonetization scheme, after the withdrawal of the 500- and 1000-rupee notes on November 8. The demand for gold increased immediately after demonetization, it fell sharply in December.

India is the world’s second largest gold consumer, after China.