Sales of bars & coins, which account for nearly 35% of total gold business.
Jewellers could continue a voluntary ban on sales of gold coins and bars for six (6) months, in support of the central government’s efforts to curb imports, a trade body said in a statement on recently.
The All India Gems & Jewellery Trade Federation, which has above 40,000 members, added that more than 65% of jewellers had agreed to the ban on sales of bars & coins, which account for nearly 35% of total business.
Mr. Haresh Soni, Chairman, All India Gems & Jewellery Trade Federation said, “The jewellery community is one in supporting the country in times of crisis. We are happy to help with this voluntary action. Jewellers to stop sales of coins and bars in late June.
India’s current account deficit swelled to a record 4.8% of gross domestic product (GDP) in the fiscal year ending March 31, 2013, and gold is the second-largest item in the import bill.
The central government has hiked import duty to 8% and the central bank Reserve Bank of India (RBI) has tightened availability of supplies in an effort to rein in imports, which hit a record 162 tonnes in May, 2013
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