Commodity Trade Mantra

Posts Tagged ‘Import Duty’

Gold Smuggling Explodes in India after Moves Intended to Curb Demand

A 38-kg bust of gold smuggling allegedly involving a ring of Afghan women is just the latest example of a massive surge in gold smuggling, evidenced by data on gold seizures at airports. Officials said nearly 85 kgs of gold has been seized by the customs department since the beginning of 2014.

India Imported 6125 Tonnes Of Silver In 2013 - Up 189 % From 2012

The premiums on gold, currently 15 % above international prices, pushed a lot of Indian savers into silver. India’s silver import in 2013 was 6125 t, an all-time record, up 189 % from 2115 t in 2012. In December silver import accounted for 825 t, up 108 % m/m, 6560 % y/y.

Silver Bullion Imports by Gujarat hit 5-year High

Many bullion traders shifted to Silver on account of the extremely high duty on gold. Silver imports by the state of Gujarat totaled 1,526 mt during April 2013 to January 2014, surpassing the earlier record of 1,497 mt achieved during the corresponding ten-month period in 2008-2009.

Gold Prices Surge On Speculation India May Ease Gold Import Curbs

Gold prices shot up near a six-week high, set for the longest weekly rally since September 2012, based on speculation that India may lower gold import curbs, which may in turn help the the jewelry industry which has shrunk under the curbs while gold smuggling is rising.

Another Phenomenon - Flights Arrive Laden With Gold

It’s raining gold at Kerala’s airport. Every plane landing from the Middle East here now carries 40-80 kg of gold, translating into Customs duties between Rs 86.8 lakh and Rs 1.74 crore – Gold smuggling is back as hiked import duty and restrictions make the precious metal even more precious.

Craving for Gold leads Bullion Smuggling way above Narcotics

The hike in import duty on gold has led to a spurt in smuggling of gold into the country from neighboring states like Bangladesh, Myanmar and Sri Lanka – Gold and narcotics operate as two different syndicates but gold smuggling has become more profitable and fashionable.

Despite Several Hurdles, Will Indians Keep Buying Gold?

Gold has done well for Indians who are still interested in gold, and will keep buying also due to the high deficit and high inflation. But Indians are having trouble getting as much real gold as they want – Can the Indian government really continue to stop gold imports here?

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