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How gold smuggling in India is connected to the rise of gold demand?
Gold smuggling is nothing new to India; this precious metal is very popular there. It is widely known that nobody wears as much golden jewelry at one time as Indian girls do. Mostly it is observed in weddings as it is impossible to imagine an Indian bride without plenty of golden jewels.
As people jokingly say about the wedding season in India, it can be identified with the rising gold prices in the world market. This tendency hasn’t just been observed now. Apart from that, the demand for gold has always been high in India due to gold is an essential part of the Indian culture.
The rise of customs duty of 2013 has sharply increased the amount of smuggled goods in India. The latest famous smuggle has been just recorded and it comprises 87 kg of gold. As reported in the media, contrabandists tried to smuggle goods across a border of Myanmar, but the final destination was Calcutta. A previous famous case of smuggle was to bring 60 kg of gold into India.
What conclusion can be made out of it?
The conclusion is that the demand for gold has been growing!
Gold has always been and it is still being considered a safe haven asset to protect wealth during severe economic periods. People of India, where gold has traditionally been a precious commodity, have a good understanding of that. The clients of Emgoldex also have a good understanding of that, and that is why they are using an opportunity to save and multiply their assets with the help of this safe haven. The clients of Emgoldex have gained confidence in the future owing to the creation of their own gold business!
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Category: Gold news Publication date: 2015-04-07 08:44
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