Page 38 - Bullion World Volume 03 Issue 07 July 2022

Bullion World | Volume 2 | Issue 07 | July 2022

Constraints faced by the Indian refiners

importing Dore and the way forward

History of duty deferential in Gold refining in India. Although the gold
Imports market was liberalised in the 1990s,
efforts to curb gold imports only
India’s gold refining landscape
has changed notably over the last began in 2012, when India’s Current
decade, with the number of formal Account Deficit widened. Over just
operations increasing from less than eight months, between January
5 refiners in 2013 to 41 refiners and August 2013, the government
in 2021. As a result, the country’s raised the import duty on bullion
organised gold refining capacity fivefold, from 2% to 10%. The table
has surged to an estimated 1,800 below shows the Duty differential
tonnes compared to just 500 tonnes of Dore Imports (from countries
in 2013. like Ghana, Peru, Bolivia, etc.) and
Bullion Imports (from countries like
The import duty differential doré Switzerland, UAE, South Africa, etc.)
Renisha Chainani enjoyed over refined bullion has for the last decade:
Head - Research spurred the growth of organised
Augmont GoldTech Pvt Ltd.
Gold doré/bullion duty differential of last decade

Note: CVD - Counter Veiling Duty, BCD - Basic Custom Duty, EFZ - Economic Free Zone,
DTA - Domestic Tariff Area, GST - Goods and Service Tax

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