New Delhi, Nov 09 (ANI): The World Gold Council (WGC) on Thursday said that India's gold consumption is likely to drop to its lowest in eight years in 2017. The industry is seeing the after effects of government’s moves to make bullion trading more transparent. Faltering demand from some rural areas too added to the drop in price. Two-thirds of India's gold demand comes from rural areas, where jewellery is a traditional store of wealth. In a country that ranks No.2 in consumer of gold behind China, the decreasing gold prices are an evidence of weaker appetite. Indian demand is likely to be around 650 tonnes in 2017, compared to a 10-year average of 845 tonnes. The years 2016 recorded 666.1 tonnes demand. As part of a new nationwide sales tax regime introduced in July, the GST on gold jumped to 3 percent from 1.2 percent previously. The WGC published a report on Thursday mentioning that the nation's gold demand dropped 24 percent in the July-September quarter from a year ago to 145.9 tonnes.
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