Gold Investor

The Indian authorities just don't seem to be able to make up their mind on what to do about its populace's love of gold. It seems that recent rumours of easing up have not panned through as Indian gold dealers and jewelers seem to be ready to call it quits.

"The jewellery trade in Mumbai was hit with members of the Indian Bullion and Jewellers Association downing shutters to protest against the restrictive trade policy of the Government. Mohit Kamboj, President, IBJA said: “Our call for a bandh today to protest against government policies was successful as nearly 90 per cent bullion traders in Mumbai, Maharashtra and Kolkata have observed the bandh. Except for big retailers, almost all wholesalers and manufacturers have joined the strike”. IBJA called for a day’s strike today to protest against harassment of bullion dealers and jewellers by various Government agencies."

The above story from Businessline is just one of the examples of how the misguided heavy hand of the Indian government is having a very detrimental affect on the small bullion dealer and jeweler's ability to operate in India.