Date:14/12/2005 URL: http://www.thehindubusinessline.com/2005/12/14/stories/2005121401311000.htm

Back Jewellery imports

This is with reference to the report, "Gold, silver imports by banks drop as prices rise", (Business Line, December 11): While the conclusions drawn in the report are right, I fear the figures are not.

The actual imports have fallen drastically since September 1. Scotia Mocatta, ICICI Bank, MMTC, STC, PEC are big importers with a national presence. Their imports are down by almost 90 per cent since September 1.

India imported about 650 tonnes in the first eight months, a figure which includes the gold imported for export of jewellery. Since September 1 India's imports were less than 30 tonnes. Very low indeed.

Daman Prakash

Convener,

Tamil Nadu Bullion Forum

Chennai

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