India’s gold imports drop sharply after a duty increase, according to an official statement cited by Business Line and NDTV. The country imports about 30 tonnes of gold in May, down 70% year-on-year. The sources also note that gold imports in value terms rise despite the volume decline, increasing 34% year-on-year to $3.41 billion, which they attribute to higher gold prices. The reports describe India as the world’s second-largest gold consumer after China and say imports are largely linked to demand from the jewellery industry. They also point out that importing gold can involve a significant outflow of foreign exchange for India. Taken together, the coverage indicates that the duty hike coincides with a substantial reduction in imported quantities, while the higher global price of gold drives a rise in total import value. The articles focus on the May figures and do not provide additional details on how the duty change affects different sources of imports or on longer-term trends beyond the stated period.