Prominent jewellery retailers and bullion traders across India on 10 July 2013 decided to suspend sale of gold coins and bars for six months. The decision will help the government in curbing gold imports and keep the current account deficit under control.
Prominent players including TBZ, Gitanjali and Tanishq, will stop selling gold coins. Coins and bars account for more than a third of gold sales in India. India is the world's largest gold buyer, at 860 tonnes a year. The demand for coins and bars increased 150 percent in the last four years.
Although the government had adopted several measures to control sales, the impact has been slow. Demand for gold jewellery in the last 10 years has remained constant. But investment demand has increased several times.
Who: Jewellery retailers.
When: 10 July 2013.
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