(LiveMint)
India, which vies with China as the top consumer of bullion, is working on new policies to improve transparency and help expand its $19 billion gold jewellery industry, according to people with knowledge of the matter.
The plans being worked out by the finance and commerce ministries along with industry groups should be finalized by the end of March next year, the people said, asking not to be identified because they aren’t authorized to speak publicly. D.S. Malik, spokesman for the finance ministry, didn’t answer calls to his cellphone, while a spokeswoman for the commerce ministry didn’t reply to an email seeking comment.
The start of a spot bullion exchange, to make gold supply more transparent and help enforce purity standards, is under consideration, the people said. An import tax of 10% could also be reduced as the government seeks to eliminate smuggling, they said. The plans also include a dedicated bank for the jewellery industry, according to one of the people.
