As the price of the safe haven yellow metal gold continues to slump, India, the world's biggest buyer of the metal, wants to control gold importation after data showed it imported the metal by a whopping 150 per cent increase over the month of April.

This, despite that the country has hiked import duties to 6 per cent in January to limit gold purchases and acquisitions. After crude oil, gold is India's second biggest import item.

India cannot afford high levels of gold imports and may review its import policy, Finance Minister P. Chidambaram said Monday.

In May, India imported 162 tonnes of gold, more than what the industry expected. But then, Mr Chidambaram told reporters that India "cannot afford 162 tonnnes of gold imports a month."

"We will have to check this," he said.

The federal government is mulling to tighten credit availability for gold imports. In April, the central bank ordered banks to stop extending credit facility for gold imports. Moreover, India is planning to eliminate credit facility for imports through trade agencies, the Wall Street Journal said, citing an unidentified Indian official.

But experts believe gold imports in May could reach a record high since it was in this month that gold buying was high because of the wedding-season demand as well as the Akshaya Tritiya, a major gold-buying festival. The festival was celebrated May 13 this year.

Experts said they estimate gold imports to reach 100-120 tonnes in May.

According to the World Gold Council, India imported 864 tonnes of gold in 2012.