The Commerce Ministry is all set to ask a trade representative body to import gold for its members, which may ease the liquidity of the yellow metal in India.

So far, only 18 government nominated agencies, including banks and public sector trading firms like MMTC, have been allowed to import gold, resulting into a supply tightness in the peak season.

GJEPC, which replied in positive, seems to have got the ministry’s nod to import the yellow metal. “Yes, we got the approval,” Vasant Mehta, chairman of GJEPC, said. “But, the official notification is yet to come,” he said.

Gold being a restricted supply commodity, its availability in the rural areas has been a problem. The yellow metal was reportedly sold at a premium of up to Rs 200 per 10 gm during the peak season, including marriage and festive seasons.

“We are preparing the process for the imports where we believe, banks will have a role to play,” said Mehta when asked about banks’ involvement in the process.

Once imports are permitted, we would be able to sell gold to non-members also, Mehta added. The council will be able to supply gold irrespective of turnover to any jewellery exporter.

Mehta estimates that the first consignment of the imported gold will arrive on Indian ports by the end of the current quarter.

GJEPC’s involvement as an importer will not only ease availability of gold but also curtail government agencies’ monopoly. GJEPC in its several representations had highlighted that even 200 kilometers from the four metro cities, gold supply was inadequate.

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