BERN: The largest gold reserves, easier procedures and least chances of duplication or adulteration have made Switzerland the favourite source of gold imports by bullion traders in Gujarat.
In 2014-15, over 80% of the 152 metric tonnes (MT) of gold imported through Gujarat was from Switzerland followed by UAE, South Africa and Australia.
Industry insiders say the share of Switzerland in overall gold imports in Gujarat has risen from 45% in 2012 to more than 80% in 2015.
According to industry sources, of 22 MT of gold worth Rs 5,190 crore imported in March 2015 in Gujarat, around 19 MT, worth Rs 4,450 crore, was from Switzerland alone. Imports from UAE, South Africa, Australia and Turkey stood at 1,450 kg, 740 kg, 600 kg and 350 kg respectively.
The majority of the gold trading in the world takes place in London and gold is dispatched from Switzerland as it has the largest reserves,” said a city-based bullion trader.
