Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

SOURCES OF GOLD BULLION
Jewellery exporters can obtain gold bars duty-free from nominated agencies.
Conditions apply as specified in the Government’s EXIM (Export/Import) Policy. A “nominated agency” is either a Public
Sector Undertaking (PSU) such as MMTC, or a bank authorised by the Reserve Bank of India.
Export against supply by foreign buyer
Bars can be obtained either directly or through a nominated agency.
Export against supply by nominated agencies
Bars can be obtained in advance or as replenishment after export. This method is widely used in export zones.
Export against Advance Licence
A licence to obtain bars, as well as mountings, sockets, frames and findings, to a specified amount of gold in advance of an
order. It carries an obligation to re-export the gold in a value added fabricated form.
Replenishment Scheme
Bars can be obtained from a nominated agency based on a percentage of the documented FOB value of the jewellery
exported. Since April 2002, it is now no longer necessary to obtain a replenishment licence.
Source Kilogrammes
1998 - 1999 1999 - 2000 2000 – 2001 2001 - 2002
MMTC 22,920 22,460 16,621 14,100
ABN AMRO Bank 1,826 8,610 10,551 5,125
State Bank of India 8,965 6,910 7,301 4,783
Bank of Nova Scotia 505 6,710 16,349 25,169
Bank of India 497 3,676 3,429 4,067
Corporation Bank 111 256 174 1,021
Total 34,824 48,624 54,425 54,265
Source: GJEPC
GOLD JEWELLERY EXPORTS
GOLD BULLION SUPPLIED TO JEWELLERY EXPORTERS
Jewellery export fabricators now annually absorb more than 50 tonnes of duty-free gold bullion imports.
Photograph: Inter Classik
Around 15,000 artisans fabricate jewellery in SEEPZ (Mumbai).
AN INTRODUCTION TO THE INDIAN GOLD MARKET 137