Chidambaram, who has appealed to Indians to stop buying gold for a year to bring down the widening current account deficit (CAD), can heave a sigh of relief because gold traders say imports will drop drastically this month and next with a decline in demand.
Bullion dealers and jewellers say shipments will be less than the average $36-million imports witnessed in the last fortnight of May. Talking to ET, Haresh Soni, chairman of All India Gem and Jewellery Trade Federation, said, "Demand has already tapered off beginning June and this trend is likely to continue till the middle of August. However, we do not think Indians will stay away from gold as wished by the FM. We know CAD is a major issue before the government. We think the government should put a restriction of using gold as an investment product."
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