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India, world's largest importer gold with over 800 tonnes of imports, is set to become a global hub for the precious metal.
"The government is taking and will continue to take all possible measures aimed at making India the gold hub of the world," Company Affairs Minister P C Gupta told a global gold summit organised by Assocham.
Till last year, India did not figure as a major trading center of gold and silver in the international market despite being the world's largest importer and exporter of value added jewellery items, he said.
With commencement of future trading in gold, the scenario appears to be changing, Gupta said adding India thus is no longer be looked as a price taker or price seeker of the gold.
As per estimates of World Gold Council, the annual Indian demand for the precious metal in recent years has been over 800 tonnes, most of which is used for fabricaction, he said adding, "we, therefore, have the potential of becoming a
price-setter in the international market."
On the policy front he said, as a part of special focus on jewellery in our foreign trade policy, the government has already allowed import of gold of 18 carat and above, freely under the replenishment scheme.
The government has also permitted duty free import of commercial samples up to Rs 1 lakh (Rs 100,000) and duty free re-import for rejected jewellery equivalent to 2 per cent of Free on Board (FOB) value of export, he said.