GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Reserve Bank of India allows private banks to import gold

21 march 2014

The Reserve Bank of India (RBI) has now allowed five domestic private banks to import gold, according to Reuters. This could be a significant step towards easing of the curbs on gold imports imposed last year by the Government of India, to cut the country's trade deficit. The RBI has allowed HDFC Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank and YES Bank to import gold, Reuters reports. This move could boost supplies and bring down premiums in India, which is the world's second-biggest consumer of gold after China
In July this year, the government of India had enforced an 80/20 Rule, making it mandatory to export a fifth of all gold imports. Under this, only six banks and three state-run trading agencies, that had facilitated export of gold or jewellery in previous three years, were allowed to import. The six banks were mostly state-run or nationalised banks.
The RBI, however, has now permitted imports within prescribed limits by the five private banks, though they had not facilitated any exports of metal or jewellery in three years. Shipments' limit, however, hangs on number of customers for exports. "They have decided on limits on quantities depending on the number of (current) customers you have for exports," said Shekhar Bhandari, executive vice-president of Kotak Mahindra Bank.
This move by RBI to allow more banks to import gold may raise shipments to 40 tonnes a month from not more than 20 tonnes in February. Earlier, India used to ship in 70 tonnes a month, the biggest import after oil, that had pushed the current account deficit (CAD) to a record in the year ended March 2013. 
"Supplies will be smooth from now and I think premiums will come down," said Haresh Soni, chairman of the All India Gems and Jewellery Trade Federation. "This looks like just a beginning to the further easing of 80/20 rule." 
India used to be the No. 1 buyer of gold before the levy of a record 10 percent import tax and other restrictions that led to a sharp cut in imports of the metal. Premiums hit a record of $160 an ounce in December, triggering smuggling and forcing industry officials to call for a repeal of the curbs. Now with elections round the corner, further relaxations of the curbs are likely only after a new government is formed around June.  Earlier this month, Finance Minister Palaniappan Chidambaram said that the gold import duty could be revisited only after the final CAD numbers are out.  The CAD final figures, expected to come in the first week of June, is likely to fall to less than $40 billion for the fiscal year ending March 31 from its record $88 billion in the previous year. 

Aruna Gaitonde, Rough&Polished correspondent in India