New Indian rule backfires, boosts unofficial gold trade

Mumbai

TRY as it might, the Indian government appears to be unable to curb the country's love for gold.

Its latest attempt - a rule forcing buyers of high-value jewellery to disclose their tax code - has boosted unofficial trading in the world's second-biggest gold consumer, industry experts say, rather than promote transparency and dent demand.

If the rule does fail, gold inflows will continue unabated in India, flying in the face o…