Wednesday, November 13th 01:38 PM IST

India reduces Gold import tariff value to $417/10 grams

# gold  # India gold market  # import tariff  # silver  

The change in tariff value is announced periodically to prevent under-invoicing of gold imported into the country. India gold imports had fallen sharply from 162 tons in May to 3.38 tons in August, 11.16 tons in September before moving higher to 23.5 tons in October on seasonal-festival demand.

NEW DELHI (Bullion Street): India has reduced the gold import tariff value to $417/10 grams from $1440/10 grams announced at the beginning of the month to reflect the changes in global gold prices.

The change in tariff value is announced periodically to prevent under-invoicing of gold imported into the country. India gold imports had fallen sharply from 162 tons in May to 3.38 tons in August, 11.16 tons in September before moving higher to 23.5 tons in October on seasonal-festival demand.

Festive season sales during Diwali and Dhanteras sales were weak on higher prices prevailing and a shift in consumer preferences from gold to diamond, platinum jewellery and lightweight gold jewellery, traders said.

Meanwhile, the Finance Ministry has retained the silver import value at $738 per kg.

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