GJF against imposing new curb on gold import

The All India Gems and Jewellery Federation (GJF) said on Wednesday that government should avoid imposing new curb on gold imports, since the move could ‘spell doom’ for the gems and jewellery sector.

In response to the sudden surge in gold imports, the Centre is likely to impose some curbs on inward shipments to prevent current account deficit (CAD) from getting out of control.

“GJF has urged Finance Minister Arun Jaitley and the Reserve Bank of India to avoid imposing curbs on gold imports as it could spell doom for the gems and jewellery sector,” the industry body said.

Gold import surged almost four times to 4.17 billion in October from $1.09 billion from the year-ago period.

In value terms, gold imports have touched 150 tonnes in October, as against 24 tonnes during the same period a year ago.

The high imports have pushed up country’s trade deficit to $13.35 billion as against $10.59 billion in October 2013.

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