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Jewellers’ Strike, Gold Exports Drop 50% in India

Jewellers' Strike, Gold Exports Drop 50% in India

Gold Silver Reports ~ 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-(CAD). However, new reports suggest that the jewellers’ strike may dent India’s exports this month.     

♦ 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.

♦ The jewellers took to the street from March 1 in a bod 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 and China are the world’s top consumers of gold. India’s gold jewellery exports had climbed 91.86% year-on-year in February to Rs 5,763.47 crore. Exports of gold coins, however, dropped 33.82%.  ~ Neal Bhai Reports

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