| Date: |
03-01-2015 |
| Subject: |
April-December gold imports in Gujarat surpass FY14's by 25% |
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AHMEDABAD: Relaxation in import curbs by NDA government, decrease in international prices, consistent dollar against rupee and huge demand in last few months led to 25% increase in gold imports in 2014-15 (till December 2014) compared to 2013-14. According to latest data available, 124 metric tonnes (MT) of gold was imported in state till December 2014 compared to 92 MT of gold imported in 2013-14. However in December 2014, only 2.6 MT gold were imported against 37.98 MT in November 2014.
The imports of yellow metal recorded substantial increase in later half of 2014 following Reserve Bank of India's (RBI) decision to provide conditional relief in gold import restrictions by allowing STAR trading houses to import gold in September last year.
Industry insiders believe that one of the major reasons for high imports in October-November was the fear among the bullion traders that central government may toughen the restrictions on imports following high imports in earlier months.
"However the bullion traders and jewelers had filled their inventory in anticipation of high demand which led to 2.6 MT of gold imports in December," said Samir Mankad, director, Gujarat State Export Cargo Ltd (GSECL).
"There was huge demand in October and November due to festive and marriage season but due to inauspicious period till mid-January, traders chose not to import much," said a Ahmedabad-based jeweler.
Last month, the government further eased import curbs by scrapping the controversial 80:20 scheme, under which importers were mandated to export 20% of the total volume.
The government on Thursday reduced import tariff value on gold to $392 per 10 grams and on silver to $519 per kg in line with global price trends. The tariff value on imported gold was at $396 per 10 grams and for silver it was at $561 per kg.
In June 2013, UPA government had put restrictions on gold imports which led to record downfall in imports. In case of silver, only 0.43 MT were imported in December 2014 compared to 166.96 MT in December 2013.
Source : timesofindia.indiatimes.com
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