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The Boston Globe

World

India’s gold import tax faces off with tradition

Age-old customs called a drain on nation’s economy

MUMBAI, India — India’s steep new tax on gold imports does not deter Mousumi Rao as she holds up a glittering $5,000 filigree necklace that could adorn her daughter on her wedding day. Rao’s 12-year-old is at least several years away from marriage.

Since tradition demands a bride practically drip with gold jewelry, it’s never too early for an Indian family to start preparing, particularly with the high cost of gold these days.

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