Gold-Bullion.org
Gold Spot Price $1273.05 -4.60    Silver Spot Price $14.41 -0.03    Platinum Spot Price $813.00 0.00    Call Our Gold Bullion Hotline at 800-300-0715 For Live Quotes On Gold Coins And Bars - Always Free, Insured Delivery.

Posts Tagged ‘import gold’

Gold Bullion Smuggling on the Rise in India

Friday, September 20th, 2013

In an attempt to curb the country’s insatiable thirst for gold, the Indian government has been dramatically raising gold import costs, yet little has been done to satiate the national appetite and some have resorted to breaking Indian law to get their hands on gold bullion.

Despite assumptions that China was to overtake India as the world’s biggest consumer in 2012 India’s unquenchable thirst for gold held strong in 2012. According to the World Gold Council, the country imported 864.2 tons of gold last year, trumping China’s 776.1 tons. In an effort to bridle this rampant demand the Indian government has raised duties on the yellow metal repeatedly over the last 12 months. Just as many experts warned, however, the gold regulations have resulted in smuggling operations that brought as much as 250 tons of gold into the country illegally last year.

“The hike in customs duty has not stopped the import of gold into the country. It has only changed the route as smugglers earn a profit of around $3,719 on every kilogram of gold smuggled into the country,” said Bachhraj Bamalwa, chairman of the All India Gems and Jewelry Trade Federation.

It’s no surprise that India is still so hungry for gold, and gold investors can expect to see such demand for the foreseeable future. India’s appetite for gold has been a factor in the yellow metal’s current bull market, in which it has increased over 400 percent in the last 12 years. As demand for physical gold bullion and rare gold coins shows no signs of abating this year look for the gold price to rise despite the wishes of governments and central banks.

Call Our Bullion SpecialistsFree Info On Gold BarsGold Bullion IRAGold Bullion Depositories