Duty hike could unlock massive old gold supply and cut India imports sharply

14K and 9K jewellery may replace bars and coins

Industry executives say a duty hike could push consumers toward lower carat jewellery such as 14K and 9K, reducing gold imports by 20-30%. They add that discouraging investment in gold bars and coins could cut imports further by another 20-30%. With India importing 750-800 tonnes annually, revamping the Gold Monetisation Scheme could unlock 25,000 tonnes of grandfather stock.