Trade Body urges members to curb sales of gold coins
20/11/2014 16:50
According to a report in media news agency Reuters, the country’s biggest gems and jewellery federation has asked its members to rein in sales of gold coins and bars as it seeks to prevent the government to re-impose gold import curbs after the country’s bullion imports surged last month, threatening to widen India’s current account shortfall.
The All India Gems and Jewellery Trade Federation (GJF) urged the need to curb sales of gold coins and bars which reached around 300 tonnes in 2014.
The trade body sees total gold imports at about 850 tonnes in 2014, with that of gold coins/bars expected to stand at 200-250 tonnes.
The Indian Finance Ministry is likely to announce fresh restrictions on gold imports which may include curbing imports of gold by star and premier trading agencies, imposition of a ban on exports of machine-made jewellery from India and asking banks to curb lending for inbound gold shipments.
India’s gold imports surged to USD 4.17 billion in October 2014 from USD 1.09 billion in the same month a year ago, while in volume terms, they climbed to 150 tonnes from 24 tonnes, widening the country’s trade shortfall to USD 13.35 billion from USD 10.59 billion a year ago.
India is the world’s second biggest consumer of the yellow metal after China
20/11/2014 16:50
According to a report in media news agency Reuters, the country’s biggest gems and jewellery federation has asked its members to rein in sales of gold coins and bars as it seeks to prevent the government to re-impose gold import curbs after the country’s bullion imports surged last month, threatening to widen India’s current account shortfall.
The All India Gems and Jewellery Trade Federation (GJF) urged the need to curb sales of gold coins and bars which reached around 300 tonnes in 2014.
The trade body sees total gold imports at about 850 tonnes in 2014, with that of gold coins/bars expected to stand at 200-250 tonnes.
The Indian Finance Ministry is likely to announce fresh restrictions on gold imports which may include curbing imports of gold by star and premier trading agencies, imposition of a ban on exports of machine-made jewellery from India and asking banks to curb lending for inbound gold shipments.
India’s gold imports surged to USD 4.17 billion in October 2014 from USD 1.09 billion in the same month a year ago, while in volume terms, they climbed to 150 tonnes from 24 tonnes, widening the country’s trade shortfall to USD 13.35 billion from USD 10.59 billion a year ago.
India is the world’s second biggest consumer of the yellow metal after China
