Gold analysts are expecting the gold import tax in India to ease following the successful election of the pro-business party Bharatiya Janata.

In 2013, the Indian government introduced a number of measures to reduce the amount of gold imported into the country in an attempt to narrow the country’s current account deficit.

Currently, all gold imports are subject to a 10% import tax and 20% of all gold imports must be exported before any further imports can be made. The taxes have been extremely unpopular as gold is central to Indian culture, with Indians buying gold as a store of value and for gifts at weddings and religious festivals.

Precious Metal advisor, Jeffrey Nichols, expects the current restrictions to be lifted later this year.

Prior to the introduction of the taxes India was the world’s largest consumer of gold and analysts expect demand to increase once the restrictions have been removed.