Thursday, 24th June 2004 (3210 views)

Industry heads in the Indian gold and diamond sector are calling on the government to cut import tariffs on gold bars and allow them to be exported.

According to IDEX Online, the industry believes that such a measure would make the country a trading centre for bullion and would create more jobs.

Proposals have now been sent to the Finance Minister from industry associations to try and change policies by July 8 when the new government presents its annual budget.

Among the benefits the cuts would create are enabling India to compete internationally with prices and attracting more mining firms and global trading companies.

India is the largest importer of gold in the world and it buys around 70 per cent of its gold needs each year, about 800 tonnes, from abroad.

At present India doesn't allow gold bar exports but lets companies sell gold jewellery and coins.

 

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