Gold prices may have crashed globally but gold smuggling in India has jumped to 50 tonnes from 3 tonnes in a year as 15% import duty widens the price gap; demand remains 29% lower year-on-year
The increase in import duty has changed the cost dynamics of gold supply in India. (Image for representative purpose only) India, the world’s second-largest gold market, is seeing a significant change in the way gold enters the country. The increase in import duty from 6% to 15% has made official imports more expensive, prompting a…
