Exporters fear India may lose $5.5 bn in gold medallion, coin exports

Exports of gold items above 22 carats of purity were banned by the government in August 2017

India is set to lose around $5.5 billion worth of gold medallion and coin exports due to the government's decision to ban shipment of gold beyond 22 carat of purity. Since gold medallions and coins contain 24 carats of gold, their export has been banned, albeit unintentionally. 

In August 2017, based on the recommendations of apex industry body Gems and Jewellery Export Promotion Council (GJEPC) and under the aegis of the Union Ministry of Commerce and Industry, the government banned the export of gold items above 22 carats of purity. The move was aimed at restricting the round-tripping of gold.