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Gold jewellery exports fall 6.9 pct in October

Nov 25 2013, 16:12 IST
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As per government rule, 20 per cent of all the gold shipped in must be turned around and exported as jewellery. As per government rule, 20 per cent of all the gold shipped in must be turned around and exported as jewellery.
SummaryIndia, which is fighting hard to reduce its CAD, has put measures in place to restrict gold imports.

Exports of gold jewellery from India fell 6.9 percent on month in October to $608.95 million, an industry body said on Monday.

India, which is fighting hard to reduce its current account deficit (CAD), has brought in measures to restrict imports of gold - its second-biggest import item after oil - which has affected the jewellery sector.

The measures included a rule that said 20 per cent of all the gold shipped in must be turned around and exported as jewellery.

Gold jewellery exports from April to October fell nearly 55 percent to $3.95 billion, the Gems and Jewellery Export Promotion Council (GJEPC) said in a statement.

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