Traders mull six-month ban on sales of gold coins, bars

MUMBAI Wed Jul 10, 2013 6:27pm IST

Gold biscuits are seen in this picture illustration taken inside a jewellery showroom in Mumbai June 4, 2013. REUTERS/Danish Siddiqui/Files

Gold biscuits are seen in this picture illustration taken inside a jewellery showroom in Mumbai June 4, 2013.

Credit: Reuters/Danish Siddiqui/Files

Related Topics

MUMBAI (Reuters) - Jewellers could continue a voluntary ban on sales of gold coins and bars for six months, in support of the government's efforts to curb imports, a trade body said in a statement on Wednesday.

The All India Gems and Jewellery Trade Federation, which has more than 40,000 members, added that over 65 percent of jewellers had agreed to the ban on sales of bars and coins, which account for about 35 percent of total business.

"The jewellery community is one in supporting the country in times of crisis. We are happy to help with this voluntary action," Haresh Soni, chairman of the federation, said in the statement.

(Timeline: India’s love for gold and government’s efforts to curb it here)

The trade body had appealed to jewellers to stop sales of coins and bars in late June.

India's current account deficit swelled to a record 4.8 percent of gross domestic product in the fiscal year ending March 31, 2013, and gold is the second-largest item in the iport bill.

The government has hiked import duty to 8 percent and the central bank has tightened availability of supplies in an effort to rein in imports, which hit a record 162 tonnes in May.

(Reporting by Siddesh Mayenkar; Editing by Jo Winterbottom)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Sino-Indian Ties

REUTERS SHOWCASE

Monetary Policy

Monetary Policy

Fed renews zero rate pledge, but hints at steeper rate hike path.  Full Article 

Eyeing Stocks

Eyeing Stocks

Interview - EPFO chief urges green light to buy stocks  Full Article 

Stimulus Reports

Stimulus Reports

China cenbank injects $81 bln into major banks to support economy - reports  Full Article 

Ranbaxy Investigation

Ranbaxy Investigation

Ranbaxy says U.S. authorities seek information on pricing data.  Full Article 

E-Commerce

E-Commerce

Tiger Global leads $60 million investment in Quikr.  Full Article 

Monsoon Update

Monsoon Update

Delayed retreat of monsoon rains to start this weekend  Full Article 

Financing Deal

Financing Deal

IndiGo agrees $2.6 billion aircraft finance deal with China's ICBC  Full Article 

Grim Outlook

Grim Outlook

Sony deepens loss estimate on struggling smartphone business  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage