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FIU, is the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions to enforcement agencies.

While diamond exports gained, jewellery sales in India lost its sheen towards end of the year, in the backdrop of policy reforms and efforts to bring more transparency in business.

Kerala's brides come laden with most amount of gold, almost twice as much as a Gujarati bride, in a market that is dominated by regional, rather than religious influences as Indians maintain their fondness for the precious metal.

Though it is used as jewellery or for investment purposes, gold has many technology applications

The recently introduced Goods & Services Tax (GST) and measures like anti-money laundering legislation (AML) around jewellery retail transactions deterred Indian gold buyers in the third quarter of 2017.

The demand for gold jewellery in India has fallen by 25% year-on-year to 114.9 tonnes in the third quarter of 2017.

Gold sales spiked in the run-up to the implementation of the Goods and Services Tax. But the trend is unlikely to continue.

The demand for gold in India jumped by 37 per cent to 167.4 tonnes during the April-June quarter of 2017.

Demand for gold in India during this period was 167.4 tonnes, 37 percent higher than compared to the overall demand for same period a year ago.

India's gold imports will likely drop in the second-half of the year from the first six months after jewellers rushed to stock up ahead of new taxes introduced on July 1, the World Gold Council (WGC) said on Thursday.

Finance Minister Arun Jaitley today said that the rates of 66 items have been reduced after the 16th GST Council meeting in New Delhi.

Even as consumers will face a slightly higher tax rate in gold after the Goods and Services Tax (GST) is rolled out this July, the overall impact on the gold industry will be positive, World Gold Council today said.

Meanwhile, World Gold Council termed GST's impact on India's gold market as disruptive in short-term but beneficial as time goes by. Jaitley calls MPs/MLAs to spread awareness about the tax regime.

Gold demand in India will be muted this year after dropping to multi-year lows in 2016, with trading dented as the government pushes to make markets for the metal more transparent and brings in a new tax, the World Gold Council (WGC) said on Friday.

The gold demand stood at 1,104.8 tonnes in the corresponding quarter last year, according to the WGC's 'Q3 2016 Gold Demand Trends' report.

Gold importing banks and big jewellers have also been hit by the growing entry of illicit gold, which avoids import duties and makes its way on to the so-called \"grey market\" where it is sold to end-users at a discount.