World Gold Council (WGC) hailed India’s decision to
curb gold import restrictions and said the metal’s supply through official
channels will improve and benefit genuine exporters and manufacturers of gold
jewellery.
Welcoming the government’s surprise move, WGC India
Managing Director Somasundaram PR said “The timing of this development though
surprising, will definitely boost confidence in general, and in the jewellery
industry, in particular.
“The official supply situation must now ease to the
benefit genuine exporters and manufacturers of gold jewellery.”
The sharp gold imports in recent months were not
triggered by changes in demand estimates but were more likely due to
expectation of additional curbs, he added.
Asserting that India should move beyond curbs on
gold imports, Somasundaram said: “It is time to re-engage all stakeholders to
develop a coherent long term policy on gold that is aligned to the national
growth objectives.
India last week scrapped a scheme under which it was
mandatory for importers to export 20 per cent of the gold they imported. It was
put in place in August 2013 to check high gold imports that had widened the
current account deficit.
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