India’s sharp increase in import duty on gold and other precious metals could keep jewellery demand under pressure for as long as a year, according to Senco Gold, as elevated crude oil prices and instability in the Middle East continue to weigh on the broader economy.
Suvankar Sen, managing director and chief executive officer of Senco Gold, said the higher duty structure is likely to remain in place until geopolitical tensions ease and global energy markets stabilise.
