Commodity Trade Mantra

Posts Tagged ‘Smuggled Gold’

Surge in Smuggled Gold Hits Indian Gold Refiners, Gold Jewelers & Banks

Smuggled gold could account for over a third of demand this year in India – the world’s second-biggest buyer of gold – potentially costing the government over $1 billion in lost revenue. Gold refiners have less than a 1% margin. If smugglers offer 4 or 5% discounts, they have no choice but to close operations. All 32 refineries in the country have stopped buying dore until market conditions normalize.

India Eases Gold Import Rules As Smuggling Connected To Campaigns

India eased import regulations to allow some of the private sector banks to buy gold from abroad, a move that could double current monthly gold imports. Election officials are also looking into alleged cases of smaller political allies using smuggled gold to fund their pre-election campaigns.

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.

Is Renewed Indian Demand Driving Gold Prices Higher?

To ease gold import restriction by end of March would gain votes, so the government has every incentive to do so. Gold prices would be pushed higher by an easing of duties and restrictions on Indian gold imports, disproportionately more than the actual increase in the tonnage then imported.

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.

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