This Blog helps in disseminating FREE information related to Stock/Share Markets (domestic and overseas), Finance/Investments & Current Affairs. The content of this blog is for information purpose only - not recommendations, to Buy or Sell Securities.
The data used here, is derived from the sources, deemed to be reliable, but their accuracy and completeness is not guaranteed. The author is not responsible for any loss in investments made, based on the inputs provided here - 28th May, 2006.
If you are into IT/Software Sector or say in any sector and can bring overseas contracts (or any domestic business related to the software sector), with a stress on Digital Marketing/Content Writing/Website Development/Reputation Management/SEO/SMM, etc, then you can join me as a partner or associate.
We will give you, the business development portfolio and pay you handsome amounts for your efforts. It does not matter, in which part of the world you are, as long as you can bring businesses. If you are interested, please send me at mail at: firstname.lastname@example.org.
Wednesday, January 01, 2014
Gold jewellery imports surge to over 20 ton at fag-end of 2013
With import curbs on gold bars and coins creating shortages, gold jewellery imports have surged suddenly to over 20 tonnes in the October-December period of 2013, according to the Bombay Bullion Association.
India, the world's largest gold consumer and that meets its entire demand through imports, did not buy any gold jewellery abroad in the same period last year.
"For the first time, gold jewellery imports have picked up suddenly this year. Total imports are estimated to be more than 20 tonnes in October-December of 2013," the Association's past-President Suresh Hundia said.
This is despite gold jewellery attracting higher duty of 15 per cent as compared with 10 per cent on gold bullion.
Hundia said jewellery makers are facing shortage as recent curbs have made bullion imports difficult. They have resorted to jewellery imports to meet domestic demand.
Much of the gold jewellery is imported from the UAE. The imported gold jewellery is melted and re-designed as per the taste of Indian buyers.
To bring down current account deficit, government has taken several measures in the past few months to contain gold imports. Import duty on gold has been hiked to 10 per cent, while traders are mandated to re-export 20 per cent of each gold consignment before ordering fresh shipments.
Going forward, Hundia said gold jewellery imports are expected to remain higher in the coming months as well.