India’s October gold imports to zoom 176% m/m to 30 tons: GJEPC

The most recent import figures suggest that gold imports by India during the month of September has almost doubled over the month. The country imported 7.24 tons of gold in September as compared to August’s 3.38 tons. The Gems and Jewellery Export Promotion Council (GJEPC) foresee a sharp rise in imports during October this year.
The September gold import figures are from Special Economic Zones (SEZs) only. In domestic areas no gold was imported. The imports had virtually come to a standstill since July 22nd, following the confusions on the new import rules. This prompted the Commerce Ministry to call a high level meeting to sort out the issues.
Following clarifications by the RBI, the Indian customs have started clearing held-up gold consignments in the airport. The import activity has picked up momentum by late September. Clearing of rest of the shipments may take the September imports to new highs. The October gold imports by the country may roll out to 30 tons, rising 176% over the previous month, said Pankaj Kumar Parekh, Vice Chairman, GJEPC. The domestic market may receive 24 tons with the balance going to exporters as per the RBI’s 80:20 rule.
GJEPC also estimates the country’s official gold imports during FY ’14 to fall under 800 tons.
Source:Bullion Bulletin

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