Gold import may increase by 10-15 tonnes/month: GJF

Tags: News
Gold import by India may increase by 10-15 tonnes per month following the latest relaxations by RBI, and emergence of stronger government.

Jewellers said the rupee has improved after the poll results, which showed a stable government in the next term, and that has also led to overall swung in the market sentiment.

All India Gems and Jewellery Federation (GJF) Director Bacchraj Bamalwa said, "It seems gold import may increase in coming months by 10-15 tonnes per month as the mood in market is positive as new and stable government has emerged after the results and the latest relaxations by RBI."

Yesterday, the Reserve Bank of India (RBI) eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal.

RBI, in July last year, had imposed severe restrictions on gold imports in order to check burgeoning current account deficit and sliding rupee.

The central bank had tied imports with exports and prescribed a 20:80 formula. This facility was available to select banks only and other entities were barred from importing the metal.

Under the 20:80 scheme an importer has to ensure that at least one-fifth, or 20 per cent, of every lot of imported gold is exclusively made available for the purpose of exports and the balance for domestic use.

Welcoming the RBI step, GJF Chairman Haresh Soni has also said this is a positive step for the industry as the supply will increase. It will help in reducing the domestic gold prices as this smoothening of supply will help in reducing the premiums, which currently is ruling at $ 80-90 an ounce.


  • Modi must clearly say that preservation of cows is not about manslaughter

    Instead of in-fighting between hindus and muslims, India should fight poverty and maintain its values of diversity and tolerance, as advised by Presid


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Urs Schoettli

America lacks will to contain China

Recently both the Chinese leader Xi Jinping and Indian prime ...

Zehra Naqvi

Exercise gets creative juices flowing

Ever known that feeling of being sluggish and drowsy, of ...

Bubbles Sabharwal

You are what you believe yourself to be

The Gita says a man is what his shraddha is. ...


William D. Green

Chairman & CEO, Accenture