Smugglers save Rs. 1.6 lakh per kg of gold | mumbai | Hindustan Times
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Smugglers save Rs. 1.6 lakh per kg of gold

Despite best efforts of customs authorities, gold continues to be smuggled into the city. Jewellers say a section of the city’s jewellery market gets gold that has been ferried illegally.

mumbai Updated: Sep 15, 2012 01:31 IST
Manish Pachouly

Despite best efforts of customs authorities, gold continues to be smuggled into the city. Jewellers say a section of the city’s jewellery market gets gold that has been ferried illegally.

"Some people may have been caught. But there could be many who have evaded authorities because a lot of gold purchased through illegal means is in the market," said Kumar Jain, vice-president of Mumbai Jewellers' Association.

Jain said the stark difference in price of “official” and “unofficial” gold is what keeps smugglers in business.