Ahmedabad: India Gold Policy Centre of the Indian Institute of Management-Ahmedabad (IIM-A) has released its third annual report, covering the time period of April 2017 to March 2018, on Monday.

The report states that gold demand in the 2017 decreased from 4,362.2 tons to 4,071.7 tons with a dip of 7%. It further states, “Gold demand in 2017 declined to its lowest level since 2009, primarily on account of investment and central bank demand. The demand for bar and coin was down by 2%, largely because of a weak US market.”


The report also mentions the multi-crore scam of Punjab National Bank (PNB), stating, “The gems and jewellery industry came under pressure when Delhi-based PNB in mid-February 2018 declared that it had been defrauded of about Rs 114 billion (which later in the course of investigation rose up to Rs 12,600 crore) by jeweller Nirav Modi, his maternal uncle Mehul Choksi, and other relatives through a clutch of companies they own.”