India's gold demand drops over half amid 15% customs duty
Business
Gold shopping has taken a big hit in India, with demand dropping by more than half.
Prices have shot up, and PM Modi has asked people to hold off on non-essential gold buys.
On top of that, customs duty on gold imports jumped from 6% to 15%, making things even pricier.
Delhi buyers favor lower-karat and trade-ins
With 24-karat gold now at ₹1.58 lakh per 10gm in Delhi, many are skipping big jewelry purchases, except for weddings, where families are choosing lighter or diamond-studded designs to save money.
People are also trading in old jewelry and going for lower-carat options like 14-karat and 18-karat gold, showing just how much buying habits are changing right now.