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Easing of India rule seen boosting gold demand

Retailer says that it will remove monopoly enjoyed by bigger traders and allow more supplies to smaller jewellers

Mumbai

FOR Indian gold buyers looking for bargains ahead of the main wedding season, the scrapping of curbs on imports last week could not have come at a better time.

"I'm very happy that I'm able to get more gold within my budget," said Sunita Jain, 55, a housewife whose son is getting married this month. "Prices have fallen and may fall even more," she said while checking out jewellery stores in Mumbai's Zaveri Bazaar.

The Reserve Bank of India (RBI) on Nov 28 unexpectedly removed rules requiring importers to sell 20 per cent of their shipments to jewellers for re-export. The end of the regulation, which limited buying since its introduction in July last year, will reduce smuggling and return...

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