Surat jewellers to stay away from gold coin sale

SURAT: Surat Jewellers' Association (SJA) has appealed to its members to put a temporary halt to the sale of gold coins and gold bars looking to the country's current account deficit. SJA office-bearers appealed to the jewellers and bullion traders to stay away from selling gold coins and bars at a meeting held here on Thursday. The SJA has 134 members who would now stay away from selling gold coins and bars.SJA president Tushar Choksi, president said, "This is being done to help Indian rupee gain some ground against US dollar. We can start selling gold coins and gold bars once the situation improves." According to SJA estimates, nearly 30% of the gold is purchased by Indian households as an investment. All India Gems and Jewellery Trade Federation director Deepak Choksi said, "Our finance minister had made an appeal to Indian housewives to stay away from purchasing gold. For at least three months from now, we will not sell gold in raw form."