Skip to comments.Gold imports may fall 71% this quarter vis-a-vis last year (India)
Posted on 11/11/2013 11:36:53 PM PST by TexGrill
KOLKATA: This may be music to Chidambaram's ears. The finance minister's efforts to curb gold imports are expected to bring down inflow of gold from overseas in the fourth quarter of calendar year 2013 by 71.23 per cent vis-a-vis last year.
The country had imported 255 tonne during Q4 of calendar year 2012. The fourth quarter is the time of the year when gold demand increases in India.
Bullion traders and jewellers say that India had imported only 23 tonne of gold in October for Dhanteras, when the entire country enters into a major gold buying spree.
They say imports will not cross 50 tonne in the next two months despite the wedding season demand.
(Excerpt) Read more at economictimes.indiatimes.com ...
IIRC the Indians have imported double the tonnage of silver that they brought in 2012.
They are being financially repressed by their government but at least they still have the ability to buy the other precious metal without a 15% to 20% markup.
It’s also worth mentioning that gold smuggling into India has increased dramatically. The free market in operation.
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