The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
Mehta's export company is the largest integrated gold player in the world.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
Cashi Crisis: Day 9: Aaj ki Taaza Khabar!
Despite the low prices, commodities are risky investments
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