India’s Gold Demand Plummets 70% After Duty Spike
A sharp hike in India’s gold import duty from 6% to 15% cut demand by roughly 70%, falling to about 7.5 tonnes in the two weeks after May 13, compared with 25 tonnes a year earlier. Jewelers cite the higher tax, a weak rupee and the Prime Minister’s anti‑gold appeal as drivers, while consumers shift to lighter, lower‑carat pieces.