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Traders Muse 6 Month Bar on Gold Sales

Jewelers could keep on an intentional ban on sales of gold coins and bars for six months, in support of the government's hard work to hold back imports, a trade body said in an avowal on Wednesday. The All India Gems and Jewellery Trade Federation, which has more than 40,000 members, added that over 65 percent of jewelers had decided to prohibit on sales of bars and coins, which account for about 35 percent of whole business. "The jewelry society is one in supporting the nation in times of crisis. We are blissful to help with this deliberate action," Haresh Soni, chairman of the federation, said in the statement. The trade body had requested to jewelers to bring to an end to sales of coins and bars in late June. India's present account shortfall distended to a record 4.8 percent of gross domestic product in the financial year ending March 31, 2013, and gold is the second-largest item in the import bill. The government has raised import duty to 8 percent and the central bank has stiffened availability of supplies in an attempt to lead in imports, which hit a record 162 tons in May.

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