India’s gold imports drop in October

new delhi — India’s gold imports declined last month after jewellers finished stocking up for the festival and wedding season and as prices remain elevated in the world’s second-biggest consumer, according to a person familiar with the data.

Overseas purchases fell 42 per cent to 38.8 metric tonnes in October from about 67 tonnes in the same month last year, according to the person, who asked not to be identified as the numbers aren’t public.

While imports had picked up in the last few months, paring some of the decline seen in the first half of the year, shipments have started tapering off once again as high prices and tighter liquidity curb local demand.

Jewellers have been trying their best to lure consumers, including one jeweller in Prime Minister Narendra Modi’s home state of Gujarat who is selling gold and silver bars engraved with the premier’s face,

reported.

Others have been offering discounts on manufacturing costs, free home delivery and cash back. Digital platforms like the World Gold Council-backed SafeGold are allowing buyers to invest one rupee (1 cent) at a time until enough money is collected to buy items such as coins, jewellery or gift certificates.

These efforts highlight the difficulties that jewellers are facing in trying to revive demand.