Only BIS certified refineries can import gold dore: DGFT

New Delhi, Apr 25 (KNN) The director general of foreign trade (DGFT) has said that dore (unrefined) gold can be imported only by refineries certified by the Bureau of Indian standards (BIS).

In a notification to Trade/ EPCs, DGFT said, “…wef June 1, 2017 only those applications for grant of gold dore shall be considered by this Directorate where the applicant refinery holds valid licence from Bureau of Indian Standards (BIS).

India has 32 dore gold refineries, with annual refining capacity of 1,470 tonnes. An average of 150-200 tonnes are imported a year.

The duty on dore is marginally lower, which incentivise such refineries to import and do valuation in India. BIS had nearly a year ago developed standards for gold refining but these were not mandatory.

However, lack of dore availability and business viability has kept only 18 active. Out of these, seven or eight have been certified by the BIS.