The All-India Gems and Jewellery Trade Federation (GJF) has asked its members not to sell gold coins and bars to curb imports of the precious metal, and help the government reduce the current account deficit.
“We have decided to take a proactive step to control the current account deficit situation. We have requested retailers to stop selling gold bars and coins for temporary period so that imports reduce,” GJF Chairman Haresh Soni told PTI.
Quoting government sources, he said total sales of gold bars and coins were about 35 per cent of the total imports last year. “If we control sale of these items, we can reduce gold imports by 10-15 per cent this year.”