India’s Gold Bullion Refineries “Near Closure” After Huge Investment
GOLD BULLION refining in India, the world’s heaviest end-buyer of physical gold, is running at only 25% of capacity according to industry data.
The same percentage of gold refining capacity as India’s industry reported in early 2012, this level of gold bullion refining now threatens to shut major plants, senior figures warn. Because after encouraging a swathe of new investment and capacity over the last two years, the government has imposed such strict anti-import measures in 2013 that the whole industry is suffering a lack of supply, whether of bullion, mined dore, or scrap jewelry.
Falling gold prices in India have also crimped local supplies of so-called “scrap” gold for recycling. 10/14/13, http://goldnews.bullionvault.com, Read More