“India has raised its import duty by 5%. India is one of the largest gold consumers in the world and gold is part of Indian’s custom and tradition. Moreover, it is a safe haven investment, so this is not going to affect the demand for Gold in India. I believe that there is going to be enhanced demand for gold jewellery among customers from this region. Both resident and tourist’s customers will take this as another opportunity to buy gold from countries outside India.
Mr John Paul Alukkas, Managing Director – international Operations, Joyalukkas