Sunday, January 12, 2014

12.01.14: With jewelry manufacturers raising a fuss about resultant price increases and evidence piling up of goods being smuggled into the country, India has decided to ease up its restrictions on the import of gold, which triggered these phenomena, Rough and Polished reports.

The Reserve Bank of India announced that it was permitting gold refineries to import 15% of their yearly quota of dore bars during January and February, based on the amount their license entitles them to. Following the first two months, import quantities would be based on export performance.

According to regulations implemented in August 2013, only 80% of all gold imported may be sold internally, and at least 20% the imported gold must eventually head back out of the country, according to Rough and Polished.

Gold is mined and made into dore bars of moderate purity on site, then sent to refineries where they are melted down again and purified to a greater extent.

Courtesy: The Israeli Diamond Industry