Gold imports may rise 89% to 100 tonnes in April: GJF

MUMBAI: India's gold imports is likely to rise more than 89 per cent at 100 tonnes this month compared with last year, mainly due to weakness in international prices and easing of restrictions by the RBI, an industry body said.

The gold import stood at 53 tonne during April last year, according to data given by The All India Gems and Jewellery Trade Federation (GJF).

"Till now we have imported nearly 100 tonnes of gold. So we are expecting the total imports to be a little over 100 tonnes," GJF's new Chairman Manish Jain told PTI here.

However, imports will be lower than March, when India had shipped in 159.5 tonnes of gold as jewellers were stocking up in preparation for Akshaya Tritiya and the marriage season, Jain said.

The country had imported 72.5 tonnes gold in March last year, he said.

In the first three months, the country has imported 286.2 tonnes gold compared with 137.5 tonnes in the corresponding period last year.

In 2013, the government had imposed several restrictions, including increasing the import duty and introducing 80:20 scheme, under which at least 20 per cent of the imported gold had to be exported before bringing in new lots.

In November last year, the Reserve Bank had scrapped the 80:20 scheme citing that the current account deficit level is comfortable.

However, the government has so far refused to bring down the import duty to 2 per cent from the current 10 per cent, as demanded by the industry.