Gold imports to India declined 32.4 per cent in 2011-12, as the government stepped up measures to control the precious metal’s flow into the country, including rises in import duties.A Reuters poll estimated that gold imports to India stood at 655 tonnes in the last financial year, compared with 969 tonnes the year before. In 2009-10, the year which saw a a worsening global economic sentiment, following the collapse of the US investment bank Lehman Brothers in September 2008, India’s gold import stood at 816 tonnes.The decline in the past financial year assumes significance as the Gems and Jewellery Export Promotion Council (GJEPC) has been receiving repeated complaints from its members for non-availability of gold in remote areas. Looking at the growing appetite of Indian consumers for gold, the decline in import may put further pressure on prices.
Tuesday, May 29, 2012
Gold imports fall 32% on strict govt measures
Gold imports to India declined 32.4 per cent in 2011-12, as the government stepped up measures to control the precious metal’s flow into the country, including rises in import duties.A Reuters poll estimated that gold imports to India stood at 655 tonnes in the last financial year, compared with 969 tonnes the year before. In 2009-10, the year which saw a a worsening global economic sentiment, following the collapse of the US investment bank Lehman Brothers in September 2008, India’s gold import stood at 816 tonnes.The decline in the past financial year assumes significance as the Gems and Jewellery Export Promotion Council (GJEPC) has been receiving repeated complaints from its members for non-availability of gold in remote areas. Looking at the growing appetite of Indian consumers for gold, the decline in import may put further pressure on prices.
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