India likely to increase its gold import in coming years
Posted on: 02/Oct/2014 9:25:32 AM
India’s total volume of gold import is possibly set to get hiked from 50-60 tonnes to 70-75 tonnes, say senior official.
The country’s gold import is gripping with confidence and that the import will get extended up to 70 to 75 tonnes per month, say Harmesh Arora, India Bullion and Jewellery Association (IBJA)
Reserve Bank of India gave powers to banks and traders to buy bullion overseas, aiming to improve the nation’s deficit state. Following this, gold imports in the country saw huge growth in the recent months.
Arora says it is too common to find temporary fluctuations in this sector which are determined by the economic scenario and customer sentiments. With festivals heading by the way and a stable government being set in the centre, the country is likely to import more volume of gold in the coming years, he added.
IBJA is to organize the India Internationals Bullion Summit 2014 on October 4 and 5 at Mumbai. This event will see participation by experts from India and other overseas countries. Topics on FBI investments in bullion and jewelry will be discussed by the participants
