Zero-duty unrefined gold imports take the shine off local players

Some refineries stayed away from giving an undertaking to govt. for not importing unrefined gold from LDCs

The continuous import of gold dore (or unrefined gold) by some refineries under zero duty from the least developed countries (LDCs), despite the government warning against it, is hurting the domestic market. Bullion trade has been reeling under illegitimate imports for over a year and the yellow metal is trading at a discount of about $25 per ounce in the official market compared to its cost of imports for several months.

Six months ago, the government had asked all bullion refineries to provide an undertaking that they would not import gold under zero duty from LDCs. While some