Gold Jewellery Imports Increase by 10% in Q1 - The New Indian Express

Gold Jewellery Imports Increase by 10% in Q1

Published: 04th August 2014 06:00 AM

Last Updated: 04th August 2014 12:30 AM

HYDERABAD: Imports of gold jewellery surged 10 per cent to `696.44 crore in the first quarter of the current fiscal as high premium on the yellow metal forced traders to get finished jewellery from abroad, said trade body GJEPC.

However, import of gold bars declined marginally by 3.32 per cent to `8,261.88 crore in the April-June period of 2014-15, GJEPC said.

Import of gold bars fell by 3.32 per cent to `8,261.88 crore in Q1 of the fiscal compared to `8,545.73 crore a year ago.

GJEPC said gold bar imports fell as the 20:80 rule on gold imports was effective this year. Under this rule, it was mandatory to re-export 20 per cent of all bullion imports.

But with the easing of gold import norms, gold bar shipments are expected to rise.

Import volumes declined in June compared to the previous months and shipments are expected to further drop as premium on gold in the domestic market has come down after the RBI relaxed import norms in May-end.

Currently, the premium on gold has come down to `1 per gram of gold from `200 per gram in April.

It may be recalled that in May, the RBI had relaxed gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.

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