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Gold exports from India may drop 50 percent
Posted on: 19/Mar/2016 10:40:57 AM
It is expected that our country`s export of pure gold jewellery, medallions and coins may drop by 50 percent this month. The ongoing strike by Indian gold traders was reported to be helpful for the reduction of gold imports thereby enabling the government to narrow down the Current Account Deficit.
The jewellers downed the shutters from March 1 in a bid to protest the 1 per cent duty imposed on gold and diamond jewellery in the budget presented by Arun Jaitley, Finance Minister, in February. Industry experts want Jaitley to roll back the excise duty thereby ending the negative situation in the market.
India had exported gold jewellery worth Rs 4,157.57 crore and gold medallions and coins worth Rs 2,491 crore in March 2015.
Experts say there would be 50 per cent drop in India`s exports of pure gold jewellery, medallions and coins this month as against March 2015. The industry sources were unable to provide an exact figure of the drop in exports but they expect the exports to reduce as much as half as exports thorough domestic tariff area (DTA) has been hit. However, some exports are still being carried out via special export zones.
Exports of gold jewellery had jumped 91.86 percent year-on-year in February to Rs 5,763.47 crore. Exports of gold coins, however, fell 33.82 percent.
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