Gold imports up 300% as jewellers replenish stock

Mumbai-India (June 2)  Even though gold prices are high and no festive or wedding season on, imports of the yellow metal have increased significantly.

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According to data from the Ahmedabad Air Cargo Complex, gold imports into Gujarat rose 300% in a month, going from 1.9 metric tonnes (MT) in April

Analysts and stockists say the increase could be attributed to jewellers replenishing their stock. Haresh Acharya, secretary of the National Bullion Federation, said, “The first part of April saw good sales due to the ongoing Chaitra month of the Hindu calendar. The remaining purchases may have been made during Akshaya Tritiya, which fell in the middle of April. Jewellers and bullion traders thus, could have ended up stocking up gold in May, due to which imports have gone up.”

TheTimesOfIndia