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Gold imports drop 80.48 percent
Posted on: 19/Apr/2016 12:10:59 PM
Gold imports in India during the month of March slumped by 80.48 percent to USD 972.9 million as higher prices and jewelers strike curbed demand.
Jewellers went on an indefinite strike from March to protest the reintroduction of excise duty on gold jewellery after four years.
The strike and higher prices are believed to have cut India`s demand for gold in March quarter by about two-thirds from a year ago to its lowest in seven years.
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