India, considered the largest consumer of gold, registered a sharp decline in consumption volumes after an increase in the import duty to 10% for gold bullion and up to 15% for jewelry. After a record high in May (162 tons), Indian gold imports fell to 3.38 tons in August and rose in October to 23.5 tons only due to holiday purchases.
Due to the shortage of gold bars in the Indian market, prices have risen, however, according to the ASSOCHAM research, consumers tend to buy diamonds, platinum and lightweight jewelry. It is reported that at the airports of the country gold smuggling has become more active.