India may revamp US$19bil gold sector

Boost for gold: A sales assistant arranging gold bangles on display at a jewellery shop in Hyderabad. Lower than expected goods and services tax is expected to buoy consumption of gold in India. – AFP

INDIA, which vies with China as the top consumer of bullion, is working on new policies to improve transparency and help expand its US$19bil gold jewelry 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 finalised by the end of March, the people said, asking not to be identified because they aren’t authorised 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.