Monday, March 25, 2019

India may stop refined gold imports in next five years, say experts

Import of might stop in three to five years, claim experts. At present, India’s annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, domestically has been becoming more and more important.
“India will stop importing gold in five years,” said Rajesh Khoshla, a veteran of the Indian bullion industry and chairman emeritus of MMTC-PAMP. He added that domestic refineries will meet the entire demand.
This will include gold refined from imported dorĂ© bars, recycled metal, mobilisation through monitisation, as well as mining of about 100-150 tonnes. This will replace imported Khoshla was speaking at 6th India International Bullion summit, organised by the Indian Bullion and Jewellers Association.
In 2018, India’s according to the data, was 479 tonnes. This included gold imported for re-export. Gold refined from imported dorĂ© was 275 tonnes, was 87 tonnes, and 8.6 tonnes from mines and other sources.
Source of this Information