'Gold import duty hike will not affect demand': Titan MD
13 years, 2 months ago

'Gold import duty hike will not affect demand': Titan MD

Firstpost  

The managing director of Titan Industries has said the hike in import duty is small but is not expected to affect consumer demand too much. Customers have paid much higher prices over the year because of the global increase in the price of gold” said Bhaskar Bhatt, managing director, Titan Industries told CNBC TV18 when asked what impact the hike in gold import duty would have on consumer demand. Overall, the hike in import duty is not expected to affect consumer demand too much. Rajesh Mehta, executive chairman of Rajesh Exports, noted that it would have been better if retail consumers of gold could have been spared higher prices at a time when prices are already high.

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History of this topic

Gold Prices Hit The Roof, But Demand Weakens As Consumers Become Sellers Across Major Markets
6 days, 16 hours ago

Gold Prices Hit The Roof, But Demand Weakens As Consumers Become Sellers Across Major Markets

ABP News  

With gold prices consistently touching the sky, jewellery sellers in Asia and the Middle East are witnessing a rush of customers eager to cash in on their old gold assets. India’s domestic gold prices have surged more than 32 per cent since the import duty reduction in July, reaching a record high of Rs 89,796 per 10 grams. Prithviraj Kothari, …

Gold imports up 40.79 pc to USD 2.68 bn in Jan
1 month, 1 week ago

Gold imports up 40.79 pc to USD 2.68 bn in Jan

Live Mint  

New Delhi, Feb 17 The country's gold imports in January rose by 40.79 per cent to USD 2.68 billion on account of increasing domestic demands, according to commerce ministry data. Cumulatively, imports during April-January this fiscal year rose 32 per cent to USD 50 billion against USD 37.85 billion in the same period last fiscal year. India's gold imports, which …

Should you buy gold ahead of Budget 2025 amid customs duty hike buzz?
2 months, 1 week ago

Should you buy gold ahead of Budget 2025 amid customs duty hike buzz?

Live Mint  

Speculation is rife that the government may announce an increase in customs duties on gold in the Union Budget 2025, a move that could boost gold prices. According to Sugandha Sachdeva, the founder of SS WealthStreet, the government may increase the basic customs duty on gold in Budget 2025 to control rising imports. "To curb this rising trend, especially following …

Government revises November gold import figures from $14.8 billion to $9.9 billion
2 months, 3 weeks ago

Government revises November gold import figures from $14.8 billion to $9.9 billion

New Indian Express  

NEW DELHI: The sharp jump in November merchandise trade deficit was because of a clerical error. The Directorate General of Commercial Intelligence and Statistics on Wednesday revised India’s gold import figure for November 2024 from $14.8 billion to $9.9 billion—a decline of 33%. The November goods trade deficit rose to an all-time high of $37.8 billion due a massive year-on-year …

Gold googly bamboozles import data
2 months, 3 weeks ago

Gold googly bamboozles import data

The Hindu  

In what may constitute the steepest revision in India’s trade data in recent times, the Centre has revised India’s import bill for November 2024 by almost six billion dollars to $63.86 billion from the record tally of $70 billion reported as quick estimates by the Commerce Ministry last month, led by a sharp $5 billion downward revision in gold imports. …

India's record-breaking love for gold stays that way despite $5bn cut in import numbers
2 months, 3 weeks ago

India's record-breaking love for gold stays that way despite $5bn cut in import numbers

Firstpost  

India revised its November 2024 gold import figures to $9.84 billion, down 34 per cent from initial reports. The adjustment, linked to a calculation error, is expected to lower the record trade deficit of $37.8 billion reported for the month Erraneous calculatin in gold import numbers for November had pushed the trade deficit in India – calculated by measuring imports …

Customs duty cut on gold set to be reviewed
2 months, 3 weeks ago

Customs duty cut on gold set to be reviewed

Hindustan Times  

The government is reviewing customs duties on over two-dozen items, including gold, and may raise the levy on the yellow metal if it is found that the recent duty reduction triggered its consumption instead of achieving the stated policy objective of domestic value addition, two people aware of the development said. In the case of gold, imports of the precious …

Trade deficit at a record $38bn as gold imports rise
Top News
3 months, 2 weeks ago

Trade deficit at a record $38bn as gold imports rise

Hindustan Times  

India’s merchandise trade deficit widened to a record $37.84 billion in November, driven primarily by surging gold imports and falling exports, a trend experts said threatens to add pressure on the rupee which is already strained by three months of portfolio outflows. Imports, however, surged by 27% to $69.95 billion compared to $55.06 billion in November 2023, mainly due to …

Global Gold Demand Soars 5% in Q3, Hitting 1,313 Tonnes
Trending News
5 months ago

Global Gold Demand Soars 5% in Q3, Hitting 1,313 Tonnes

ABP News  

Global gold demand surged by 5% in the third quarter of 2024, reaching 1,313 tonnes. This growth was driven by strong investment activity amid record-high gold prices. Central bank gold purchases fell by nearly half, declining 49 per cent to 186.2 tonnes compared to 363.9 tonnes during the same period in 2023.

High Prices Lead To 5% Decline In India's Gold Demand For June Quarter: Report
8 months ago

High Prices Lead To 5% Decline In India's Gold Demand For June Quarter: Report

News 18  

India’s gold demand declined 5 per cent to 149.7 tonnes during the June quarter, due to record high prices, the World Gold Council said in a report on Tuesday. Sachin Jain, CEO, WGC Regional, India, said, “India’s gold demand softened slightly in the second quarter of 2024, reaching 149.7 tonnes, down 5 per cent year-on-year. Further, the report said the …

The hike in import duties for gold, silver findings | Explained
1 year, 1 month ago

The hike in import duties for gold, silver findings | Explained

The Hindu  

The story so far: In a move towards standardisation and preventing the circumvention of duty, the Finance Ministry on Tuesday hiked import duties on gold and silver findings and coins of precious metal to 15%. As observed in the Ministry of Commerce’s Trade Stat database, import of unwrought gold and/or gold in semi-manufactured form in October 2023 rose 95.41% on …

Import duty on gold, silver findings and precious metal coins increased to 15%
1 year, 2 months ago

Import duty on gold, silver findings and precious metal coins increased to 15%

Live Mint  

The government has increased import duty on gold and silver findings and coins of precious metals coins to 15 percent from 11 percent, starting from January 22, as per a Reuters report. An official notification has stated that there will be a 10 percent Basic Custom Duty and a 5 percent Agriculture Infrastructure Development Cess on certain imports. Track | …

India's gold imports dip 24 per cent to USD 35 billion in 2022-23
1 year, 10 months ago

India's gold imports dip 24 per cent to USD 35 billion in 2022-23

India TV News  

Business news ; India's gold imports, which have a bearing on the current account deficit, dipped 24.15 per cent to USD 35 billion in 2022-23 due to global economic uncertainties, according to data from the commerce ministry. Silver imports, however, rose 6.12 per cent to USD 5.29 billion during the last fiscal. According to industry experts, high import duty on …

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise
2 years, 2 months ago

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise

News 18  

The government is examining to hike customs duty on more than 35 items in the upcoming budget, which is scheduled to be announced on February 1, according to an Economic Times report. Meanwhile, the commerce ministry has also sought a reduction in the import duty on gold in the budget with a view to push exports and manufacturing of the …

Centre raises import duty on platinum to 15.4%
2 years, 5 months ago

Centre raises import duty on platinum to 15.4%

The Hindu  

India has raised total import duty on platinum to 15.4% from 10.75%, the government said in a notification on Monday, seeking to bring parity in import duty structure between gold and platinum. The government in July had increased the import duty on gold to 15% but kept the tax on platinum imports unchanged at 10.75%. Gold also attracts a 2.5% …

Inflation, price rise could dent India's gold demand in July-December: World Gold Council
2 years, 8 months ago

Inflation, price rise could dent India's gold demand in July-December: World Gold Council

The Hindu  

India's gold demand in the first half of 2022 jumped 42% from a year ago but consumption in the second half could be lower than last year as higher inflation erodes disposable income, the World Gold Council said on July 28. India's demand for gold jumped 43% from a year ago to 170.7 tonnes in the quarter through June as …

Gold Price Today Jumps Above Rs 52,100; Will it Rise Further after Basic Import Duty Hike?
2 years, 8 months ago

Gold Price Today Jumps Above Rs 52,100; Will it Rise Further after Basic Import Duty Hike?

News 18  

Gold price in India edged higher on Monday. India has recently raised the basic import duty on gold to 12.5 per cent from 7.5 per cent. On the Multi-Commodity Exchange, the gold price future jumped 0.49 per cent to Rs 52,169 for 10 grams at 1210 hours on July 4. To bring down ballooning trade deficit, the Centre hiked the …

Gold price surges after import duty hike. Is this rise an opportunity to buy?
2 years, 8 months ago

Gold price surges after import duty hike. Is this rise an opportunity to buy?

Live Mint  

Gold price today: After hike in import duty on gold from 7.50 per cent to 12.50 per cent, gold price witnessed sharp upside move on Multi Commodity Exchange and in retail domestic markets. Recording ₹1,433 per 10 gm gain on Friday session, MCX gold rate ended at ₹51,950 levels whereas spot gold price ended $2.81 per ounce higher at $1810.10 …

Gold price to go up after import duty hike? All you need to know
2 years, 8 months ago

Gold price to go up after import duty hike? All you need to know

India Today  

The central government on Friday announced that it has raised its basic import duty on gold to 12.5 per cent from 7.5 per cent. The duty hike would lift gold prices and moderate demand in India, which could weigh on global prices. In the short-term gold demand could fall but in the long run demand would remain strong and imports …

With rupee nearing 80 to a dollar, govt. raises gold import duties to 15%
2 years, 8 months ago

With rupee nearing 80 to a dollar, govt. raises gold import duties to 15%

The Hindu  

In a bid to curb a surge in gold imports and check windfall profits being made by crude petroleum producers, the Government has raised the import duty on the yellow metal from 10.75% to 15% and levied fresh taxes on the export of petrol, fuel and ATF as well as the domestic sale of crude oil. As much as 107 …

Gold Import Duty Hiked by 5%: Will Gold Prices Increase? Know How it Will Impact Investors
2 years, 8 months ago

Gold Import Duty Hiked by 5%: Will Gold Prices Increase? Know How it Will Impact Investors

News 18  

India has hiked the basic import duty on gold to 12.5 per cent from 7.5 per cent, the Union government said in a gazetted notification on June 30. Why Govt Hikes Import Duty on Gold India’s trade deficit ballooned to $24.29 billion from $6.53 billion in a year, according to the data released by the government. The total effective import …

Import tax on gold hiked, prices see biggest jump in 4 months
2 years, 8 months ago

Import tax on gold hiked, prices see biggest jump in 4 months

Live Mint  

India has raised its basic import duty on gold, pushing domestic prices sharply higher today. Official imports of gold into India remained strong at 98 tonnes in May, significantly higher than official imports in April this year and May 2021, according to World Gold Council. Indian monthly official imports from January 2019 to May 2022 Source: World Gold Council Indians …

Will Gold Become Cheaper As India Cuts Base Import Price Of Gold And Silver
3 years, 8 months ago

Will Gold Become Cheaper As India Cuts Base Import Price Of Gold And Silver

ABP News  

New Delhi: The Government of India has said to cut the base import prices of gold and silver. After the fall in gold in the international market, the price of gold was seen softening by Rs 264 in the bullion market of Delhi. 999 - 46,753 995- 46,566 916- 42,826 750- 35,065 585- 27,351 City 22 carats / 10 grams …

India's Gold Imports Surged 471% to a Record 160 Tonnes in March: Report
3 years, 11 months ago

India's Gold Imports Surged 471% to a Record 160 Tonnes in March: Report

News 18  

India’s gold imports in March surged 471% from a year earlier to a record 160 tonnes, a government source told Reuters on Thursday, as a reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers. Higher imports by the world’s second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly 17% …

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver
4 years, 1 month ago

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver

India TV News  

The Modi government has announced a cut in the import duty on gold and silver, a move welcomed by the industry as it will bring down prices of precious metals in the domestic market and boost exports of gems and jewellery. Finance Minister Nirmala Sitharaman in her budget speech said that to bring the prices of precious metals closer to …

Gold Plunges by Rs 1,324 per 10 Grams to Rs 47,520, Silver Jumps Rs 3,461 on Budget Day
4 years, 1 month ago

Gold Plunges by Rs 1,324 per 10 Grams to Rs 47,520, Silver Jumps Rs 3,461 on Budget Day

News 18  

Gold in the national capital on Monday tumbled Rs 1,324 to Rs 47,520 per 10 gram on a day when the government announced cut in import duty on gold and silver, according to HDFC Securities. “Gold and silver presently attract a basic customs duty of 12.5 per cent. To bring it closer to previous levels, we are rationalising customs duty …

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST
4 years, 2 months ago

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST

India TV News  

The gem and jewellery industry has a lot expectation from the Modi government in the upcoming Union Budget 2021-22. According to Ashish Pethe, the chairman of All India Gem and Jewellery Domestic Council, the government should assess the adverse impact of higher import duty on the jewellery trade and suggested to cut the customs duty to 4 per cent from …

Gold imports dip 8.86% to $27 bn during Apr-Feb 2020; current account deficit narrows to $143 bn
5 years ago

Gold imports dip 8.86% to $27 bn during Apr-Feb 2020; current account deficit narrows to $143 bn

Firstpost  

Gold imports, which have a bearing on the country’s current account deficit, fell 8.86 percent to $27 billion during April-February period of the current financial year, according to commerce ministry data New Delhi: Gold imports, which have a bearing on the country’s current account deficit, fell 8.86 percent to $27 billion during April-February period of the current financial year, according …

Cut in gold import duty in Budget 2020? Commerce Ministry puts forward proposal
5 years, 2 months ago

Cut in gold import duty in Budget 2020? Commerce Ministry puts forward proposal

India TV News  

The commerce ministry has sought reduction in the import duty on gold in the forthcoming budget with a view to pushing exports and manufacturing of the gems and jewellery sector, a source said. India's gold imports, which have a bearing on the current account deficit, fell about 7 per cent to USD 20.57 billion during April-November period of the ongoing …

Gold imports dip 7% in April-November to $20.57 bn; trade deficit narrows to $106.84 bn
5 years, 2 months ago

Gold imports dip 7% in April-November to $20.57 bn; trade deficit narrows to $106.84 bn

Firstpost  

New Delhi: India’s gold imports, which have a bearing on the current account deficit, fell about 7 percent to $20.57 billion during April-November period of the ongoing financial year, according to the commerce ministry data. The decline in gold imports has helped in narrowing the country’s trade deficit to $106.84 billion during the eight-month period under review as against $133.74 …

Gold imports drop 73 per cent in August
5 years, 6 months ago

Gold imports drop 73 per cent in August

Deccan Chronicle  

Chennai: Physical demand for gold has suffered a blow after prices shot up to multi-year highs due to macro-economic factors and investor demand. Gold imports dropped 73 per cent in August, while monthly purchases by central banks fell to multi-year low levels in July. Gold imports last month dropped 73 per cent to 30 tonnes from 111.47 tonnes in the …

India's August gold imports plunge 73% to hit three-year low on record high prices, hike in duty
5 years, 6 months ago

India's August gold imports plunge 73% to hit three-year low on record high prices, hike in duty

Firstpost  

India’s gold imports in August plunged 73 percent from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import duty curtailed retail purchases of the precious metal New Delhi/Mumbai: India’s gold imports in August plunged 73 percent from a year ago to the lowest level …

No takers for officially imported gold
5 years, 7 months ago

No takers for officially imported gold

Deccan Chronicle  

Chennai: Gold is available at a discount of $23 - $25 per ounce in the bullion market as there are very few takers for the yellow metal imported through the official channel since the government hiked import duties. However, after the government increased the duty from 10 per cent to 12.5 per cent, the demand for the officially imported yellow …

Gold demand zooms in June quarter, but likely to lose sheen in 2019 on rising prices, hike in customs duty
5 years, 8 months ago

Gold demand zooms in June quarter, but likely to lose sheen in 2019 on rising prices, hike in customs duty

Firstpost  

Local gold prices hit a record Rs 35,960 per 10 grams on Tuesday, having jumped more than 10% over the past month, rising in line with international prices on tensions in the Middle East. The hike in customs duty is Domestic gold demand has gone up 14 percent during the June quarter on a year-on-year basis, according to a report …

Gold imports increase 46 per cent in June quarter
5 years, 8 months ago

Gold imports increase 46 per cent in June quarter

Deccan Chronicle  

Chennai: Gold imports for domestic consumption in June quarter rose 46 per cent to 185.2 tonnes from 126.5 tonnes in the same quarter last year. Meanwhile gold demand at the retail end rose 14 per cent to 212 tonnes. Indian banks returned to business, importing 123 tonnes of gold for domestic consumption in H1 compared to 85 tonnes in the …

Hike in gold import duty to force businesses to shift to neighbouring countries: GJEPC
5 years, 8 months ago

Hike in gold import duty to force businesses to shift to neighbouring countries: GJEPC

India TV News  

The gems and jewellery exporters on Saturday expressed disappointment over a significant increase in the import duty on gold and other precious metals saying the move would result in shifting of businesses to neighbouring countries. Gems and Jewellery Export Promotion Council Chairman Pramod Agrawal said: "We as an industry are greatly disappointed with the increase of import duty on precious …

Union Budget 2019: Sheen dims for gold and silver
5 years, 8 months ago

Union Budget 2019: Sheen dims for gold and silver

Deccan Chronicle  

Chennai: Industry proposes; government disposes. While the industry was looking forward for a six per cent reduction in gold import duty, the Budget stunned them by increasing it by 2.5 per cent. The bullion market immediately reacted to the import duty hike proposed in the Union budget as gold prices rose to all-time high levels of Rs 35,100 per 10 …

Budget 2019: Gold industry balks at hike in import duty
5 years, 8 months ago

Budget 2019: Gold industry balks at hike in import duty

India TV News  

The gold industry on Friday unanimously slammed the steep hike in import duty of gold and precious metals from 10 per cent to 12.5 per cent, saying it will backfire and hit the Indian retail market. A disappointed Gem & Jewellery Export Council Chairman Pramod Kumar Agrawal said the increase in import duty on gold, silver and precious metals, cut …

Jewellery stocks fall after import tax raise on gold
5 years, 8 months ago

Jewellery stocks fall after import tax raise on gold

Live Mint  

Mumbai: Shares of jewelers tumbled after finance minister Nirmala Sitharaman in the Union Budget announced its proposal to raise import tax on gold to 12.5% from 10%. “Today’s announced import duty hike on gold from 10% to 12.5% will negatively impact India’s gold industry. In addition, the grey market will thrive which will dilute efforts to reduce cash transactions," said …

High prices fail to dampen gold imports in June
5 years, 8 months ago

High prices fail to dampen gold imports in June

Deccan Chronicle  

Chennai: Higher gold prices have not impacted the gold imports in June. The entire June quarter saw demand going up by around 32 per cent. In June, the country imported gold worth $2.69 billion, which was up 12.6 per cent from the import value in the same month last year, Reuters quoted government officials. However, the gold demand in June …

Gold import increases 20 per cent ahead of Akshaya Tritiya
5 years, 10 months ago

Gold import increases 20 per cent ahead of Akshaya Tritiya

Deccan Chronicle  

Chennai: Gold imports in the March quarter went up by 20 per cent as optimistic jewellers started stocking up inventory ahead of Akshaya Tritiya. Retail demand has started picking up and a positive outlook on gold prices is expected to support 10 to 15 per cent growth in sales during Akshaya Tritiya, falling on May 7. In the March quarter, …

Gold price increase to dampen Indian festive purchases, lower imports to help country reduce trade deficit: WGC
6 years, 4 months ago

Gold price increase to dampen Indian festive purchases, lower imports to help country reduce trade deficit: WGC

Firstpost  

Gold demand in India usually spikes towards the end of the year, when buying the precious metal for weddings and major festivals such as Diwali and Dussehra is considered auspicious. Mumbai: Indian gold demand in 2018 is expected to fall from the previous year as a rally in local prices to five-year highs is likely to dent purchases during key …

Import duty hikes: Much ado about nothing
6 years, 6 months ago

Import duty hikes: Much ado about nothing

Live Mint  

How effective will be Wednesday’s import duty hikes on 19 supposedly non-essential items? Even as the government has included consumption- Reports say the current nominal import duty hikes will help the government raise revenue worth about Rs4,000 crore. Another casualty could be Havells India since it currently imports 70% of its subsidiary Lloyds’ requirement, although the company has the option …

ACs, refrigerators, washing machines to get costlier, import duty hiked on over 19 items
6 years, 6 months ago

ACs, refrigerators, washing machines to get costlier, import duty hiked on over 19 items

Live Mint  

New Delhi: The government on Wednesday raised import duties on 19 non-essential items, including refrigerators, air conditioners, jewellery, diamonds and jet fuel, accounting for annual imports worth ₹ 86,000 crore, to arrest a widening current account deficit and a weakening rupee. The imposition of a 5% import duty on jet fuel is, however, unlikely to increase air fare as India …

Gold demand went up by 9% to 727 tonne in 2017; import of yellow metal up 59%, says WGC
7 years, 1 month ago

Gold demand went up by 9% to 727 tonne in 2017; import of yellow metal up 59%, says WGC

Firstpost  

The growth gold demand was mainly driven by jewellery segment in 2017, which was up by 12 percent at 562.7 tonne compared to 504.5 tonne in 2016. Mumbai India’s gold demand grew by 9.1 percent to 727 tonne in 2017 due to low prices coinciding with Dhanteras, positive economic backdrop and improved consumer sentiment especially in rural areas, according to …

India's gold imports surge 3-fold to US $4.95 bn in May
7 years, 9 months ago

India's gold imports surge 3-fold to US $4.95 bn in May

Firstpost  

Surge in the imports last month contributed to the widening of trade deficit to a 30-month high of US $13.84 billion as against US $6.27 billion in May 2016 New Delhi: Recording nearly three-fold rise, India’s gold imports increased to US $4.95 billion in May. Gold imports stood at US $1.47 billion in May last year, as per official data …

Gold imports record three-fold jump to $3.85 bn; Akshaya Tritiya boosts demand
7 years, 10 months ago

Gold imports record three-fold jump to $3.85 bn; Akshaya Tritiya boosts demand

Firstpost  

India is the world’s second biggest gold consumer after China. New Delhi: Recording a three-fold jump, India’s gold imports rose to US $3.85 billion in April, mainly on account of Akshaya Tritiya. Gold imports stood at US $1.23 billion in April last year, as per official data released today. Surge in gold imports in April contributed to the widening of …

India’s gold imports jump over four times in April: report
7 years, 10 months ago

India’s gold imports jump over four times in April: report

Live Mint  

New Delhi: Gold imports by India gained more than four-fold in April driven by jewellers restocking in anticipation of a recovery in sales during the wedding season that will last till mid-June. Annual purchases may be at the higher end of an estimated range of 650 tons to 750 tons in 2017, according to the World Gold Council. Sales during …

India gold demand may touch up to 950 tonnes level by 2020: WGC
8 years ago

India gold demand may touch up to 950 tonnes level by 2020: WGC

Firstpost  

WGC said after plummeting last year, demand for the precious metal is unlikely to fall further. Mumbai: Economic growth and greater transparency within the country’s gold market will boost demand for the yellow metal up to 950 tonnes level by 2020, World Gold Council said in a report today. However, over time, we anticipate that economic growth and greater transparency …

Budget 2017: World Gold Council demands lowering of gold taxes from current 13%
8 years, 2 months ago

Budget 2017: World Gold Council demands lowering of gold taxes from current 13%

Firstpost  

At present, gold attracts Customs duty of 10 percent, excise duty of 1 percent and 1.5 percent value added tax, taking total taxes on the yellow metal to 13 percent. New Delhi: Government should cut taxes on gold substantially from the existing 13 percent level to curb smuggling and promote transparency in local gold trade, the World Gold Council said …

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