Economic Times: Gold import squeeze likely to drive small jewellers to grey market

KOLKATA: Jewellers are up in arms against the new 20-80 principle worked out by the Reserve Bank of India to curb gold imports.

While availability will come down in the market, there is an apprehension that a large section of small jewellers will have to rely on the grey market for the supply of gold to meet the local demand. Jewellers say the government should come out with stricter rules to stop the sale of gold coins and bars rather than issuing new strictures at short intervals to curb imports in a bid to check the widening current account deficit (CAD).

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