India said to plan gold policy revamp for US$19b sector

New Delhi

INDIA, which vies with China as the top consumer of bullion, is working on new policies to improve transparency and help expand its US$19 billion gold jewellery industry, according to people with knowledge of the matter.

The plans being worked out by the finance and commerce ministries along with industry groups should be finalised by the end of March 2018, the people said, asking not to be identified because they aren't authorised to speak publicly. DS Malik, spokesman for the finance ministry, didn't answer calls, while a spokeswoman for the commerce ministry didn't reply to an e-mail seeking comment.