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  3. Indian gold imports likely to rise in coming months: GJF

Indian gold imports likely to rise in coming months: GJF

07 Oct 2013 Evaluate

Amid rising concerns over Indian gold imports, all India Gems & Jewellery Trade Federation (GJF) said that the country’s gold imports, witnessing contraction in the past few months, is expected to pick up and may touch 725 tonnes this fiscal. The GJF said that gold import is presently at a standstill, but it may pick up in the next three months till December to 150 tonnes mainly due to the festival season.

During April-September 2013, India imported 354 tonnes of gold, of which 118 tonnes came in April, 162 tonnes in May, 31 tonnes in June, 41 tonnes in July, 2 tonnes in August and nil in September. The decline in country’s gold imports in August and September months was mainly due to the steps taken by the government and the Reserve Bank of India.

India is the world largest consumer of the gold and country’s total yellow metal consumption is around 900 tonnes a year, of which 600 tonnes goes into manufacturing and 300 tonnes into investments. Rising gold imports has become a cause of concern for the country as it’s the second largest contributor to the widening current account deficit (CAD) of the country. India, battling with record trade deficit and weak currency, is trying to curb imports of dollar-denominated gold, most expensive non-essential item in its import bill. Recently, the government has hiked gold imports rates to 15% and central bank introduced 80/20 rule under which 20% of all gold imports has to be re-exported.

Meanwhile, in order to boost Indian gems and jewellary industry growth, GTF has proposed Rashtriya Swarna Nivesh scheme, an initiative which is expected to bring the idle gold back into circulation and the association is hopeful of receiving RBI and SEBI approval soon. As per the proposed scheme, GTF hopes to collect 400 tonnes of gold in FY’14. 

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