India’s Gold Exports up Slightly in February

(IDEX Online News) – Gold jewelry exports from India increased slightly during February, this year, according to the Gem and Jewellery Export Promotion Council (GJEPC).

The Indian industry’s umbrella organization said the country exported $718.36 million worth of gold jewelry during the month, which was an increase of 1 percent over February 2013. 

The Business Times reported that India exported $6.35 billion worth of gold jewelry in the 11 months from April 2013, down from $11.67 billion a year earlier.

In a bid to reduce its current account deficit, the Indian government has enacted a 10-percent import duty on gold. The GJEPC is asking for this tax to be dropped to 2 percent in a bid to help finished jewelry exports.