Indian jewellery industry welcomes withdrawal of 80:20 gold import scheme
The Dollar Business Bureau According to the World Bank, international prices of gold are down around 9.6% from 2013 and are expected to decline around 2% in 2015 Representatives of the jewellery industry in India have said that while the withdrawal of the 80:20 import scheme for gold has come as a surprise, it will help in improving transparency and prevent smuggling of gold into the country. The Gem & Jewellery Export Promotion Council (GJEPC), which had requested the government to review the scheme last week, has said, “The jewellery industry views the withdrawal of the 80:20 Scheme as a positive step.” However, it added that importers are unsure about the new procedures. It is expected that the government will ...
GJEPC urges government to avoid a hike in gold import duty
India’s gold imports have increased almost 400% in October y-o-y, while exports of Gems and Jewellery declined 2.2% Vanita Peter D’souza | @TheDollarBiz Suggesting that a further hike in gold import duty will hurt the economy, the Gem & Jewellery Export Promotion Council (GJEPC) has said that such a knee-jerk reaction will spur smuggling and benefit hoarders. After remaining low for a few months in FY2014-15, India’s gold imports have soared in the last few months at the onset of a major festival season in India. The country’s gold imports surged to around $4.18 billion in October 2014, which is up almost four times from imports in October 2013. India's gold imports in September 2014 stood at around $3.75 billion which ...
