Page 3 - Gold Import

Indians sell record amount of old gold as prices hit 7-year-high

Consumers sold 37.9 tonnes of the yellow metal in June quarter, says World Gold Council

October gold imports dip 33% as near-record high prices lower sales: Report

New Delhi imported 38 tonnes of gold in October, down 33% from 57 tonnes a year ago

Banks forced to import gold when available at a 2% discount locally

Allowing banks to do local sourcing of gold that meets the standards will help solve many issues

Gold imports resume after 4 days as govt reverts to tariff value-based duty

The assumption that duty would now have to be worked out on the basis of transaction value had created confusion, prompting several importers to put orders on hold

Gold imports dip 3% to $32.8 bn in 2018-19, will keep a lid on CAD

Total imports of the precious metal in 2017-18 had stood at $ 33.7 billion, according to data from the commerce ministry

India may stop refined gold imports in next five years, say experts

In 3-5 years, domestic refineries would meet the whole demand

Gold imports dip 14.5% to 759 tonnes in 2018 on tepid demand, rule changes

Sluggish jewellery offtake due to higher prices and not so good monsoon stifled rural demand; Consumers were also reluctant to buy ornaments in cash beyond a limit

Gold import curbs with single focus of controlling CAD won't work: IGPC

The think tank proposes five-point plan to successfully bring down gold imports, urges clearance of bottlenecks to make GMS viable

Two-fold jump in gold imports in August as traders replenish inventory

With the fall in gold prices internationally, jewellers and traders imported 100 tons gold in the August to augment their inventories before falling rupee take away lower price advantage. However, the sudden jump in import is important when low rupee has again raised current account deficit worries. According to GFMS Thomson Reuters estimate, import of gold in India was 100 tons compared to 46.2 tons in August last year, resulting in doubling of import bill for gold in August. Gold import bill for August 2017 was $1.89 billion which is estimated to have doubled. Import growth in tons is 116.5 but average gold price in international market in August was down 6.5 per cent compared to previous August.Sudheesh Nambiath, head, India Gold Policy Centre set up by IIM-Ahmedabad said that, "jewellery show held last month has shown good turn out and jewellers were low on inventories. This has resulted in sharp jump in gold import in August as prices were also low which jewellers considered ...

Gold imports rise 22.43% at 955.16 tonnes in FY18: Govt informs Parliament

The demand of gold in the country in 2017-18 has increased during first and second quarters and declined in third and fourth quarters as compared to corresponding period in 2016-17

Plans afoot to import gold from Russia, says Suresh Prabhu

The scheme is expected to help save foreign exchange and cut the country's import bill in US dollar terms

March quarter gold imports decline 32% as Akshaya Tritya fails to enthuse

Lower jewellery demand, flow of unofficial imports keeps inward shipments muted in first quarter of current calendar

Gold import bill rises 13% at $34 bn in FY18, trend set to continue in FY19

Gold import in financial year 2017-18 is estimated at 13 per cent higher than the year before at $34 billion, the highest after 2014-15. The estimate for 2018-19 is at least another 10 per cent higher.Sonal Varma, chief India economist at borkerage Nomura, says: "Demand was higher last year, due to rebalancing of portfolios by investors after demonetisation." She said the current level of import was not a big worry for the country's current account balance; oil import was. Adding: "Portfolio rebalancing might spill over to FY19, with investors preferring higher allocation for gold. While rural demand has remained stagnant, as food prices are not rising and rural wages are also at the average level, gold's price has to be watched."Indian investors are price-sensitive and the demand for investment goes up if there is a perception of gold prices rising. In that case, "gold might be a cause to worry for the current account in FY19", says Verma. Will the gold price rise? Nigam Arora, the ..

Govt imposes more gold import curbs on star houses to check round-tripping

Government on Wednesday further tightened noose around star export houses doing big business in gold import and exports. Director General of Foreign Trade has imposed restrictions on import of gold by Four Star and Five Star Houses with Nominated Agency Certificate. Effectively barring four and five Star Export Houses from importing for domestic consumption. The move is aimed at curbing practices of round tripping of gold and other misuse of such facilities.DGFT issued a notification 34 dated 18 october amending para 4.41(iii) in this regards.DGFT explained that, "Henceforth no Nominated Agency Certificate shall be issued/ renewed for Four Star Export House and Five Star Export House status holders. Import of gold by Four Star and Five Star Houses with existing Nominated Agency Certificate is subjected to Actual user condition and are permitted to import gold as input only for the purpose of manufacture and export by themselves during the remaining validity period of the Nominated ...

Curbs on gold import by 4-, 5-star export houses

No nominated agency certificate shall be issued/ renewed for four-star export house and five-star export house status holders

GST impact: Gold import surge from South Korea alarms govt

Steps such as safeguard duty in the works to plug the route

Gold imports surge to 50 tonnes on pent-up demand: GFMS

The rise in imports by India of the precious metal will support global prices

Dullest Akshaya Tritiya gold sales in years

Combined gold imports in March and April, the months preceding Akshaya Tritiya, have been the the lowest in six years

Gold import bill to dip in FY16

Import bill for 2015-16 now estimated at $31.5 bn, almost 9% lower than 2014-15