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January gold imports down 72% on year: WGC

January gold imports down 72% on year: WGC
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First Published: Fri, Feb 22 2008. 03 55 PM IST
Updated: Fri, Feb 22 2008. 03 55 PM IST
Mumbai: India’s gold imports in January fell 72% to around 24 tonnes from a year ago as soaring prices curtailed demand, a senior official at World Gold Council said on Friday.
In January 2007, gold imports were 86 tonnes, the official said.
“People have recycled their old jewellery to convert it into contemporary designs... they have bought some amount of fresh gold also,” said Ajay Mitra, managing director, India, World Gold Council.
Gold prices at the end of January were up 27% on year in India, damping sales in the world’s biggest market, and that too in the busy wedding season that started in mid-January.
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First Published: Fri, Feb 22 2008. 03 55 PM IST
More Topics: Gold | Imports | India | January | WGC |