Government of India puts gold dore imports in restricted category

Government of India puts gold dore imports in restricted category: Details, Highlights

Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry has put imports of gold dore in the restricted category. This means, now, the gold dore importer needs a license to import this commodity.

Gold dore

Gold dore is a semi-pure alloy of gold and silver which is refined for further purification. Proportions of silver and gold can vary widely.

Gold dore is usually created at the site of a mine and then transported to a refinery for further purification. Refined gold bars are manufactured from gold dore bar.

India imports about 900 tonnes of the gold year making it the world’s second-biggest gold consumer after China. The imports mainly take care of demand of the jewellery industry.

Wastage & Value Addition Norms For Gold Religious Idols

DGFT also has prescribed wastage and value addition norms for gold religious idols (only gods and goddess) – both plain and studded, of eight carats and up to 24 carats.

Under it, the percentage of wastage for plain gold idols will be 2.5%, while it will be 5% for studded idols.

Similarly, the percentage of value addition for plain gold religious idols will be 10% and 14% in the case of idols studded with colour gems stones. The percentage for value addition in case of idols studded with diamonds will be 15%.