Removal of 80:20 not to change India's gold demand: WGC

November 29, 2014

New Delhi-India (Nov 29)  The apex gold mining body maintained India's gold demand in the range between 850-950 tonnes during the calendar year 2014, slightly lower than last year.

Sharp import hikes in recent months were not triggered by changes in demand estimates but more likely to be as a result of an expectation of additional curbs. The official supply situation must now ease to the benefit genuine exporters and manufacturers of gold jewellery.

Discussions on gold in India must move beyond curbs and focus on how this industry can fulfil its vision to make a major contribution to the country's prosperity in the next five years.

"India should support this vision by creating a favourable eco-system that deals with gold as a fungible asset category, reflecting its cultural and economic significance. It is imperative, that we find ways of mobilising and monetising the household savings imbedded in gold stocks through the formal financial sector for the benefit of the economy as a whole. It's time to re-engage all stakeholders to develop a coherent long term policy on gold that is aligned to the nation's growth objectives," he added.

Source: BusinessStandard

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