It is summer and the demand for gold and silver has reached fever pitch in Gujarat. The state has doubled its imports for both the precious metals, reports CNBC-TV18.
It is the season to get married and add to that a strong rupee. That makes gold and silver the hottest commodities this summer.
Zarverbhai Zaveri, President, Ahmedabad Jewellers Association, said, “Marriage season in rural areas is boosting the precious metals purchase. Secondly, with rupee becoming stronger, precious metal prices have fallen down; so import of precious metals has increased marginally.”
Last year, Gujarat imported 8-10 tonne of gold and 30-40 tonne of silver. This year, the imports have more than doubled.
Kartik Pancholi, Licensed Custom House Agent, said, “In the last 49 days, we cleared at Ahmedabad about 18-20 metric tonne of gold and 60-65 metric tonne of silver. This quantum is double than what we cleared in April 2006.”
The flat 1% value-added tax rate imposed on precious metals has made it easier to move around the commodities, also shifting the business share from grey-channel operative in UP to Gujarat. The boom time will continue till monsoon, which indicates the beginning of an inauspicious period in the Hindu religion. That is when the fervor for gold and silver will cool off.
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