Reversal of Tax Rule Could Boost Gold Demand in India

The Indian government has a reversed a tax rule that was putting a damper on gold demand in the country.

The government rescinded the rules on jewelry purchases along with a number of other tax provisions, according to the ET.

Analysts say the rollback of the purchase rules will be good for gold demand in India, the world’s second largest consumer of the yellow metal. All India Gems & Jewellery Trade Federation chair Nitin Khandelwal told the Economic Times that with the the compliance rules now scrapped, sales may pick up, providing relief for jewelers.

Industry analysts estimate gold imports into India fell 43% in September after the government implementation of the “know your customer” rules. The director of Senco Gold & Diamonds told the ET sales had fallen 30–50% over the past two months or so.

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