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Gold imports might go up as domestic production falls rapidly.

Date: 27-04-2017
Subject: Gold imports might go up as domestic production falls rapidly
​KOCHI: With domestic production of gold declining, India might have to depend more on imports going forward. In 2013-14, India produced 1,564 kg of gold worth Rs 423 crore. This came down to 1,055 kg in 2016-17 (up to November) worth Rs 295 crore.

Diamond production was 37,517 carats worth Rs 61 crore in 2013-14, which fell to 20,795 carats worth Rs 36 crore in 2016-17.

India’s gold reserves are estimated to be 640.41 tonnes, while diamond reserves are pegged at 31,861,307 carats.

“Very little reserves of the yellow metal make it costly to mine out. Hence, we have to depend on imports sooner or later. Compared to India’s annual demand of 900-1,000 tonnes of gold, we have a negligible production, which is unlikely to go up,” said Joy Alukkas, chairman, Joy Alukkas group.

Gold imports in 2016 were at 510 tonnes—the lowest in 13 years — due to various reasons including jewellers’ strike early in the year and unfulfilled expectations of a lowering of gold import duty in the Budget.

Gold exploration is carried out by the Geological Survey of India, Deccan Gold Mines, Hutti Gold Mines and Mineral Exploration Corporation, while diamond mining is conducted by the National Mineral Development Corporation.

Source: The New Indian Express

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