India has banned the export of gold products beyond 22 carats with immediate effect, as a means of curbing irregularities in the trade. The DGFT (Directorate General of Foreign Trade) issued a notice limiting shipments of jewelery, coins and medallions to 22 carats or below, without citing a reason.
As per the industry calculation, India exports about 170 tons, of jewelery & medallions made up of gold. Ornaments made out of 24 carat gold contributes about 15 percent of this. Many jewelers were importing gold coins in the pure form and shipping it out of India after converting it into jewelery with small value addition. However, there were no data as to how much of the exports were above 22 carats.
Gold medallions and coins made up 15 percent of the country’s total gems and jewelery exports by value in the fiscal ended March, as per data from the Gems & Jewelers export promotion Council.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.