Jewellers plea on gold import curbs

The All India Gems and Jewellery Federation has urged the Government to look at the gold import trend for the next two quarters before taking any hasty decision to curb gold imports. GJF has claimed that the increase in gold imports in September and October was due to advance buying prior to festival season and expectation of additional curbs on gold imports. This apart, comparisons on a year-on-year of September quarter numbers were meaningless as there were hardly any gold imports last year due to uncertainty following the imposition of the 80:20 Rule. It has also alleged that importers have not yet distributed gold imported in last two months to the jewellers as the hoarders were holding on to their stock in anticipation of higher profits resulting from further curbs and restrictions to be announced by the Government.