Page 36 - Bullion World Issue 4 August 2021

Bullion World | Issue 04 | August 2021

WGC, GJEPC to jointly aim to increase awareness, relevance
and adoption of gold jewellery among
promote hand-made consumers, especially millennials and
GenNext. The young women (aged
jewellery 18-24 years) in the country are active
gold jewellery consumers (33 per cent
The World Gold Council(WGC) and bought gold jewellery in the 12 months
Gems and Jewellery Export Promotion preceding the survey in 2019), revealed
Council(GJEPC) have joined hands to a WGC survey. GST to be levied
promote gold jewellery in India this year. on the difference
Source : https://www.
Both partners will jointly fund a multi- thehindubusinessline.com between purchasing,
media marketing campaign that would
selling price of
second-hand gold

India's gold imports jewellery, says
surge in Apr-Jun, Karnataka AAR
silver imports fall
Karnataka’s Authority for Advance
Ruling (AAR) has held that the
India registered a manifold raise in difference between purchase price
import of gold during the first three Gold reserves with RBI and selling price of second-hand
months of FY22 on a year-on-year jewellery will be the value for levying of
basis, to nearly $7.9 billion.This rise in surged over 12 times in Goods & Services Tax (GST).
gold imports can be attributed to low 20 years: Govt data
imports during the same period last Experts feel this ruling will bring a lot
year owing to the nationwide lockdown Around ₹50,000 crore lying as unclaimed of clarity on taxation and also help
and the revived consumer demand in deposit with banks, insurance companies buyers.The applicant in this matter,
this financial year. Bengaluru-based Aadhya Gold Private

Gold reserves with the Reserve Bank of Limited, is engaged in the process of
During the same period last fiscal, gold India surged over 12 times in 20 years, data buying and selling second-hand gold
imports stood at $687.83 million.As presented by the Finance Ministry in Rajya jewellery to common man.
per data from the Commerce Ministry, Sabha showed. The Ministry also informed
import of the yellow metal in July also the Upper House that around ₹50,000 crore Source: www.
registered a nearly 60 per cent rise to was lying as unclaimed deposit with banks thehindubusinessline.com
$969.87 million.
and insurance companies.

Silver imports, Source: https://www.
however, have thehindubusinessline.com
declined this fiscal.
During Q1FY22, silver imports stood SEBI Suggests Routing All Gold
at $39.39 million, 93.15 per cent lower Imports through Spot Gold Exchange
than $575.11 million worth of imports
in April-June FY21.In June, silver worth
$11.83 million was imported, against The Securities and Exchange Board of India (SEBI) - the regulatory
$137.22 worth of the metal imported body for securities and commodity market in India under the
during the same month last fiscal.India, Ministry of Finance suggested that all gold imports into the country
a major importer of gold, exports gems must be routed through the proposed spot gold exchange. This
and jewellery. In April-June, gems will ensure gold monetisation at source, said G Mahalingam,
and jewellery worth $9.17 billion was whole-time member, SEBI.According to him, it is considered
exported, 244.29 per cent higher on a highly practical that the country should move into a system where
year-on-year basis. all gold imports are routed through the Electronic Gold Receipt. All gold beyond a
threshold purity level should be funnelled through the exchange ecosystem, which in
Source: https://www.sify.com turn will ensure conversion into a financial product, Mahalingam said while addressing a
conference organized by the Federation of Indian Chambers of Commerce and Industry
(FICCI).

Source: https://www.scrapmonster.com
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