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The government's proposed gold policy, being finalised after recommendations from a NITI Aayog panel, should lead to a big rise in India's sourcing of refined gold from local refineries. Data compiled by the global gold miners' body, World Gold Council, showed India's total dore (unrefined gold) import was 245.7 tonnes for calendar year 2017, compared to 141.9 tonnes the previous year. Recovery through melting of used jewellery was 88.4 tonnes from local refineries in calendar 2017, compared to 79.5 tonnes in 2016. Another 8.8 tonnes of gold was sourced from other sources, against 9.9 tonnes in 2016. If total import is taken as net of exports, then domestic supply is estimated over 40 percent. The new policy is likely to boost local refineries immensely. Gold supply through local refineries might increase to 80 percent in the next few years, from over 40 per cent now.


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