Market for illicit gold smuggling growing in India

August 23, 2016 7:07 pm
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The market for illicit gold in India has been growing fast. Growing entry of illicit gold, which avoids import duties and makes its way on to the so-called “grey market” has hugely affected Gold importing banks and big jewellers.

Falling gold prices deterred the illicit trade last year but smuggling has surged in recent months amid rising prices and the reintroduction in March of a 1 percent local sales tax on gold jewellery. According to secretary of the Association of Gold Refineries and Mints All 32 refineries in the country have stopped buying dore – a semi-pure alloy made by miners – in the past few months.

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