Joyalukkas Group, a gold and diamond retailer in India, is offering 12 free BMW cars and two kilograms (4.4 pounds) of bullion in a lucky draw as it fights a lean season in the world’s second-biggest buyer of the yellow metal.
India, the second-biggest gold consumer, may ease controls on imports after Narendra Modi’s victory in national elections, according to Bachhraj Bamalwa, a director with the All India Gems & Jewellery Trade Federation.
India, the world’s second-largest gold consumer, will probably keep restrictions on imports to control the current account deficit and defend the rupee, said the managing director of the country’s biggest refiner.
Gold shipments to Southeast Asia’s biggest consumer are forecast to contract by as much as half this year, a sign the unprecedented Asian demand that helped stem last year’s rout in prices is weakening.
India, the largest cooking oil consumer after China, will probably increase taxes on imports to shield oilseed farmers from cheap palm supplies from Indonesia and Malaysia, according to a trade group. Futures declined.