India's gold imports fell by about 99 percent in May, the second straight month of decline, due to the nationwide lockdown imposed to control the spread of the coronavirus pandemic, a Bloomberg report said citing sources. It said that inbound shipments fell to 1.3 tons last month from 105.8 tons a year earlier. The official data is not out yet.
In April, shipments plunged to 60 kilograms, the lowest monthly imports in at least a decade.
While lockdown norms are easing, shops and malls have reopened, retail outlets are not seeing large footfalls. Especially with gold prices in India crossing Rs 45,000/10 grams at a time when jobs and loans repayments are at stake, jewellers aren't likely to see a pickup in demand from consumers until the festive season this year.
Jewellery stores had remained shut from the second half of March to the beginning of May.
Titan Company, that runs the jewellery chain Tanishq, reported a 6 percent decline in its income from jewellery sales for the March ended quarter.