India’s gold jewellery exports dip in November

The restrictions imposed by the Indian government on its gold imports have dampened supply of gold in the domestic market. Attributed to this, the Indian gold jewellery exports dipped almost one-third (on y-o-y basis), in November 2013. The said exports valued $476.1 million over $693.62 million in November 2012, reports say.

Although demand for gold jewellery has seen improvement in the international prices, and gold prices dipping, the restrained supplies in India have compelled high premiums. The industry is not hopeful for a quick recovery, to meet seasonal demand, reports say.

The import duty on gold was raised to 10 percent over successive increases the RBI also mandated that one-fifth of the gold imported is required to be exported.