Gold sales soar 35-40% after duty cut

THE surprise duty cut on gold imports from a high 15 to a low 6% in the budget-has not only brought smiles to customers but has brought broader smiles to gold retailers who have been struggling to get footfalls as prices have been roaring like never before and were staring at a lost-year.

- BENN KOCHUVEEDAN

But that's past now as they're already seeing massive crowds in their showrooms with sales soaring 35-40% already across the country. After the duty cut on July 23, retail price of gold has plunged from ₹6730/g to under-₹6,300 on Saturday in Kerala which control around 40% of domestic market, while on MCX the price fall has had a whopping ₹10.7 lakh crore loss (notional) of investor wealth on the budget day as gold prices fell like ninepins--by whopping