Gold Import News
India's Jan-Mar gold demand falls 36% to 101.9 tonne due to volatile prices, economic uncertainties: WGC
Gold demand in India fell 36 percent in the January-March quarter of this year to 101.9 tonne due to volatile prices, economic uncertainties and coronavirus-induced nationwide lockdown towards the end of the quarter, according to a report
Gold imports, which have a bearing on the country's current account deficit (CAD), fell 14.23 percent to $28.2 billion during 2019-20, according to commerce ministry data
The government has withdrawn incentives being given to exporters of gold medallions and coins for import of raw material, according to a notice by the commerce ministry
Gold imports up 15.4% to $13.16 bn in April-July period; experts say traders may shift manufacturing bases to other countries
According to industry experts, there are apprehensions that sectoral players may shift their manufacturing bases to neighbouring countries due to high import duty on gold in India.
On the onset of the Union Budget for 2019-20, the gems and jewellery sector has unanimously sought a reduction of gold import duty to 4 percent to check smuggling in a big way
Gold imports increase 54% to $3.97 bn in April; trade deficit widens to five-month high amid concerns of CAD
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.
Exports up 3.74% to $26.4 bn in January on higher growth in gems and jewellery, pharma; trade deficit narrows
The country's exports grew 3.74 percent to $26.36 billion in January on account of growth in sectors such as gems & jewellery, pharmaceuticals and chemicals, according to data from the commerce ministry
"Gold is widely traded in local markets across the country. At present, there are no specific measures or mechanism to fix a single daily gold price in the country," Minister of State for Consumer Affairs C R Chaudhary said in a written reply to the Rajya Sabha.
In 2017-18, India's imports grew about 20 percent to $460 billion.
RBI ban on Letter of Undertaking (LoU) as a trade finance instrument, will not have much impact on the gems and jewellery industry in West Bengal, but a hike in bank's credit margin may hurt the business, a GJEPC official said
Faced with barrage of attack from the Congress over the Rs 12,700 crore fraud at Punjab National Bank, the ruling BJP had earlier this month accused Chidambaram of aiding jewellers Mehul Choksi and Nirav Modi -- main accused in the country's biggest bank fraud case -- through an 80:20 gold import scheme
The growth gold demand was mainly driven by jewellery segment in 2017, which was up by 12 percent at 562.7 tonne compared to 504.5 tonne in 2016.
According to industry estimates, in four months since July when GST came into effect, “about Rs 40,000-50,000 crore” has been pending with the government in the form of GST refunds
Consumers and investors may wait for prices to decline further, as many have been waiting for a price pull-back before entering the market.
The government move was prompted by the aim to bring the growing sector into the mainstream of economic activity by levying a tax
The World Gold Council (WGC) said the RBI's decision to lift a ban on import of gold coins and medallions by banks and allowing them to import gold on a consignment basis was a right move.
The Finance Ministry has written to the RBI to consider reimposing some restrictions on gold imports after inbound shipments surged in the last few months
India's Current Account Deficit narrowed sharply to 1.7 percent of GDP in the April-June quarter of this fiscal mainly on account of reduction in trade deficit, and a steep decline in gold imports.
The Finance Ministry today indicated that restrictions on gold import scheme are likely to continue till situation becomes "more comfortable".
Commerce and Industry Minister Anand Sharma has favoured a review of curbs on gold import saying the restrictions are leading to smuggling.