Utilisation of gold refineries shrinking due to lack of scrap gold _ business standard news

.

Poor response of the Gold Monetisation Scheme (GMS) has come as a double whammy for organised gold refiners like MMTC-PAMP India and BSE-listed Shirpur Gold Refinery Limited, which are already reeling under huge shortage of gold scrap from both domestic and international sources. Financial market futures In recent times, with global standards being adopted by mine dore exporting nations, availability of standardised gold scrap had been shrinking for refining companies. Pound exchange rate forecast A dore bar is a semi-pure alloy of gold and silver, usually created at the site of a mine.


The boxer rebellion tour It is then transported to a refinery for further purification.

“Proper supply of gold scrap is necessary, which is not in a queue at this time. Gold forecast today We were expecting the GMS to increase the availability of gold scrap, but that has not happened so far. Oil futures market On the other hand, getting dore from the international market is also a big task, which not every player in India is likely to achieve. Future marketing trends 2015 As a result, utilisation of installed capacity has been limited,” said Rajesh Khosla, managing director of MMTC-PAMP India Private Limited, a joint venture between PAMP SA Switzerland and MMTC Limited.

However, these firms which had been banking on GMS to access domestic supply of gold scrap, have been left disappointed. Aud in usd According to players like MMTC, fear of the Income Tax Department’s scrutiny has led many people to shy away from parting with gold under GMS, resulting in poor response to the scheme. Usd to euro chart This has resulted in hardly 100 tonnes of domestic gold scrap coming in for refining through GMS.

Utilisation of gold refineries shrinking due to lack of scrap gold Less than 400 tonnes of gold are being refined a year, against all-India capacity of 1,700 tonnes Less than 400 tonnes of gold are being refined a year, against all-India capacity of 1,700 tonnes

Poor response of the Gold Monetisation Scheme (GMS) has come as a double whammy for organised gold refiners like MMTC-PAMP India and BSE-listed Shirpur Gold Refinery Limited, which are already reeling under huge shortage of gold scrap from both domestic and international sources. Stock market future predictions 2015 In recent times, with global standards being adopted by mine dore exporting nations, availability of standardised gold scrap had been shrinking for refining companies. Rmb to usd A dore bar is a semi-pure alloy of gold and silver, usually created at the site of a mine. Euro usd chart It is then transported to a refinery for further purification.

“Proper supply of gold scrap is necessary, which is not in a queue at this time. Exchange rate aud to usd We were expecting the GMS to increase the availability of gold scrap, but that has not happened so far. Currency converter zar to usd On the other hand, getting dore from the international market is also a big task, which not every player in India is likely to achieve. Usd to ruble exchange rate As a result, utilisation of installed capacity has been limited,” said Rajesh Khosla, managing director of MMTC-PAMP India Private Limited, a joint venture between PAMP SA Switzerland and MMTC Limited.

However, these firms which had been banking on GMS to access domestic supply of gold scrap, have been left disappointed. Dollar to pound chart According to players like MMTC, fear of the Income Tax Department’s scrutiny has led many people to shy away from parting with gold under GMS, resulting in poor response to the scheme. Euro usd rate This has resulted in hardly 100 tonnes of domestic gold scrap coming in for refining through GMS.

As a result, less than 400 tonnes of gold are being refined a year, as against a total refining capacity of over 1,700 tonnes in the country. Silver price chart 5 year The rest of the gold scrap is obtained through mine dore imports from other countries.

Somasundaram PR, Managing Director, India, World Gold Council (WGC) said, “The organised refining landscape has grown sharply from a mere three or four refineries in 2013 to 30 in 2015, taking the total capacity above 1,450 tonnes. Usd to ringgit malaysia But much of this additional capacity remains under-utilised, largely because of the difficulty in sourcing dore and the limited availability of recycling material. British pound exchange rate history It is likely Indian refineries are operating at only 15-20 per cent of their capacity.”

” GMS has not yet taken off as it should have been. Stock market definitions glossary This is mainly because of lack of credible end-consumer touch points where customers can come and have their gold tested and deposited. Futures and options trading meaning Also, the commercial terms between testing centers, refiners and banks have not yet been fully agreed upon,” said Keyur Shah, chief executive officer of precious metals business division, Muthoot Pappachan Group.

Refineries set up in excise-free zones (EFZ) have profit margins of 1.25 per cent, while those based in domestic tariff area (DTA) have just 0.65 per cent profit margins, down from about 1.35 per cent in 2012. Conversion rate aud to usd Refineries based in DTAs are liable to pay both countervailing duty (CVD) and excise duty, whereas those in EFZs just pay the CVD.

Anil Kansara, Gujarat Gold Centre Private Limited said, “Lower margins and shortage of gold scrap may build more difficulties for gold refiners in coming days. 1 nzd to usd Looking at the margins it is not much profitable business and in this scenario gold refiners may utilise less.”

Utilisation of gold refineries shrinking due to lack of scrap gold Less than 400 tonnes of gold are being refined a year, against all-India capacity of 1,700 tonnes

Poor response of the Gold Monetisation Scheme (GMS) has come as a double whammy for organised gold refiners like MMTC-PAMP India and BSE-listed Shirpur Gold Refinery Limited, which are already reeling under huge shortage of gold scrap from both domestic and international sources. Dollar and rupee exchange rate In recent times, with global standards being adopted by mine dore exporting nations, availability of standardised gold scrap had been shrinking for refining companies. Secret messages in logos A dore bar is a semi-pure alloy of gold and silver, usually created at the site of a mine. Rub usd It is then transported to a refinery for further purification.

“Proper supply of gold scrap is necessary, which is not in a queue at this time. Usd to chf exchange rate We were expecting the GMS to increase the availability of gold scrap, but that has not happened so far. Gender articles On the other hand, getting dore from the international market is also a big task, which not every player in India is likely to achieve. Currency converter usd to aed As a result, utilisation of installed capacity has been limited,” said Rajesh Khosla, managing director of MMTC-PAMP India Private Limited, a joint venture between PAMP SA Switzerland and MMTC Limited.

However, these firms which had been banking on GMS to access domestic supply of gold scrap, have been left disappointed. Usd to aud rate According to players like MMTC, fear of the Income Tax Department’s scrutiny has led many people to shy away from parting with gold under GMS, resulting in poor response to the scheme. Futures market news This has resulted in hardly 100 tonnes of domestic gold scrap coming in for refining through GMS.

As a result, less than 400 tonnes of gold are being refined a year, as against a total refining capacity of over 1,700 tonnes in the country. Convert to binary code The rest of the gold scrap is obtained through mine dore imports from other countries.

Somasundaram PR, Managing Director, India, World Gold Council (WGC) said, “The organised refining landscape has grown sharply from a mere three or four refineries in 2013 to 30 in 2015, taking the total capacity above 1,450 tonnes. Usd to inr forecast 2015 But much of this additional capacity remains under-utilised, largely because of the difficulty in sourcing dore and the limited availability of recycling material. Us stock futures cnn money It is likely Indian refineries are operating at only 15-20 per cent of their capacity.”

” GMS has not yet taken off as it should have been. 1 rmb to usd This is mainly because of lack of credible end-consumer touch points where customers can come and have their gold tested and deposited. Today’s exchange rate usd to cad Also, the commercial terms between testing centers, refiners and banks have not yet been fully agreed upon,” said Keyur Shah, chief executive officer of precious metals business division, Muthoot Pappachan Group.

Refineries set up in excise-free zones (EFZ) have profit margins of 1.25 per cent, while those based in domestic tariff area (DTA) have just 0.65 per cent profit margins, down from about 1.35 per cent in 2012. Binary to text converter online Refineries based in DTAs are liable to pay both countervailing duty (CVD) and excise duty, whereas those in EFZs just pay the CVD.

Anil Kansara, Gujarat Gold Centre Private Limited said, “Lower margins and shortage of gold scrap may build more difficulties for gold refiners in coming days. Euro to dollar exchange rate 2015 Looking at the margins it is not much profitable business and in this scenario gold refiners may utilise less.”

All materials are found on open spaces of a network the Internet as freely extended and laid out exclusively in the fact-finding purposes. If you are what lawful legal owner or a product and against its placing on the given site, inform us and we will immediately remove the given material. The administration of a site does not bear responsibility for actions of the visitors breaking copyrights. abuzesite@bigmir.net

banner