Gold Import

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.

Union Budget 2019: Gems and jewellery sector seeks cut in gold import duty to 4%

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

No mechanism to fix single daily price for gold in India, says government

"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.

Govt sets up task force to suggest ways on reducing import dependence, says official

In 2017-18, India's imports grew about 20 percent to $460 billion.

RBI's Letters of Undertaking ban not to impact Bengal jewellery industry

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

Govt says will take action on P Chidambaram for relaxing gold import norm through 80:20 scheme

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

Gold demand went up by 9% to 727 tonne in 2017; import of yellow metal up 59%, says WGC

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.

Foreign Trade Policy mid-term review: Exporters heave a sigh of relief; now for quicker GST refunds

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