“‘Jewellers will need more gold to manufacture jewellery, as imports have been heavily restricted. If I sell today and (am) not in a position to replenish my stocks, then I’ll have a problem and then I’ll have to source gold from somewhere else,’ said Bachhraj Bamalwa, director of the All India Gems and Jewellery Trade Federation, in a interview with Reuters. With the Rupee crashing to new all-time lows on the currency market, however, gold prices are near record highs for Indian households. Indian government has doubled taxes on bullion imports this year to shrink a ballooning trade deficit and end a slide in the rupee. Gold is the country’s second largest import after oil.”
http://www.scrapregister.com/news/1481/-indias-recycled-gold-supply-may-hit-300-tons-in-2013-gjf
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