Indian gold import surge in January

That's according to a NDTV article entitled "Gold import soars 19-fold in January" A lower price was cited as the cost.

It also contains details on the new import duty, which is designed to boost domestic production:

The Budget reduced basic customs duty on gold ore and concentrates from 2 per cent ad valorem to a specific duty of Rs 140 per 10 grams with full exemption from special additional duty, to encourage domestic gold refining capacity.

This implies that importers have to pay a fixed Rs 140 per 10 grams on gold ore and concentrates irrespective of the price.

However, the move will not have much impact on the domestic market much as the country mainly imports gold in the form of bars and coins, analysts noted.