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Gold October 31, 2014 07:00:56 AM

India's October gold imports likely to drop sharply

Paul Ploumis
ScrapMonster Author
The All India Gems and Jewelry Trade Federation (GJF) anticipates sharp decline in gold imports during the month

India's October gold imports likely to drop sharply

NEW DELHI (Scrap Monster): The All India Gems and Jewelry Trade Federation (GJF) anticipates sharp decline in gold imports during the month of October this year.

According to Bachhraj Bamalwa, Director, GJF, the Indian gold imports are most likely to halve to around 50 to 60 tonnes as compared with the imports of 95 tonnes during the previous month. This is on account of stockpiling by jewelers during September ahead of festivities.

Jewelers had imported adequate quantities gold during the month of September to meet the increased demand during Akshaya Tritiya and Deepavali. The increased imports of the yellow metal had sent the September gold import bill to nearly $ 4 million, the highest during the past 15 months. On year-on-year basis, gold imports had soared by 450% during the month.

The sudden spark in gold imports had raised fears of government implementing stricter restrictions on gold imports. Although no announcement to this effect has come from the government so far, industry participants have ruled out chances of government announcing relaxation of gold import curbs any time soon. The bulging gold import bill had forced the previous government to impose strict curbs including rise in import duty on gold from 2% to 10%.

GJF further notes that the gold imports are likely to calm down further during the initial half of November, as wedding season demand is expected to pick up only towards end-November. The imports during entire-November are likely to maintain the same levels as of October.

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