Govt puts gold dore imports under restricted category

The government Friday put the imports of gold dore in restricted category.

"Import policy of gold dore is restricted," the directorate general of foreign trade (DGFT) said in a notification.

This means, now, an importer needs a license to import this commodity.

Gold dore is a semi-pure alloy which is refined for further purification. Refined gold bars are manufactured from gold dore bar.

India, the world's second-biggest gold consumer after China, imports about 900 tonnes of gold a year.

In value terms, gold imports fell by about 43 per cent to USD 1.68 billion in October.

The imports mainly take care of demand of the jewellery industry.

Further in a separate public notice, the DGFT prescribed wastage and value addition norms for gold religious idols (only gods and goddess) - both plain and studded, of eight carats and up to 24 carats.

It said that percentage of wastage for plain gold idols will be 2.5 per cent, while it would be 5 per cent for studded idols.

Similarly, percentage of value addition for plain gold religious idols will be 10 per cent; and 14 per cent in case of idols studded with colour gems stones.

The percentage for value addition in case of idols studded with diamonds will be 15 per cent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)