Indian authorities imposed a ban on the export of gold jewelry with a purity of over 22 carats (approximately 916-th sample in the metric system).
The decision of the Main Directorate on foreign trade came into force immediately and applies to jewelry, coins and medals. In the text of the decision does not specify the reasons for such action.
According to experts India Bullion&Jewellers Association Ltd. Ketana Shroff, the government could take this step to restrict the resale of precious metal. Currently, traders can import gold products with reduced fees from a number of countries with which there are special foreign trade agreements and then resell them abroad.
According to sources, gold imports to India in July increased by more than two times in annual terms due to the growth of gold purchases in South Korea, with which country signed a free trade agreement .