The volume of imports of gold bullion to India fell sharply in December 2014 - by 47.8%, according to the Gem & Jewelery Export Promotion Council (GJEPC).
The total volume of imports of gold bars in December was $ 204.3 million, a decrease of 47.8% compared to $ 391.7 million in the same period a year earlier. However, the volume of imports for the first nine months of the current fiscal year (from April to December 2014) increased by 13% compared with the same period in the fiscal year 2013. The total import figure was $ 4.26 billion for the first nine months of the financial year 2014, compared to $ 3.85 billion for the same period of the financial year 2014.
Import of gold declined in December due to low demand for precious metal from retailers and price volatility.