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Gold/Mining/Energy : Bema(Bgo) and Arizona Star -- Ignore unavailable to you. Want to Upgrade?

To: paul ross who wrote (8260)	11/2/1997 9:32:00 PM
From: Kaena™	Respond to of 10482

OFF TOPIC - India: The import of gold will be allowed immediately, Oct 28th, 1997 instead of Jan 1st, 1998. 30 October 1997 DIWALI - India's Festival of Lights - Spotlight on Gold EE On October 30, India is celebrating Diwali, also called the Festival of Lights, which marks the beginning of the new year according to the Hindu calendar. Gold is an important part of the festival ... the more gold you buy and give, the more luck you'll enjoy in the new year ! Demand in India and Dubai in the year through end-September has been strong. Indian demand of 535 tonnes was up 44% over the same period last year and had already overtaken 1996's full-year total of 508 tonnes. Imports into Dubai were 474 tonnes, up 86% vs the 255 tonnes through September last year. While retail demand has been slow in the first two weeks of October, latest reports from the trade indicate that offtake in India as well as Dubai is now brisk and traders expect a good Diwali business. Just before Diwali, the Indian government issued an amendment to the latest liberalisation move on gold (see Gold News Flash dated October 20th). The import of gold through licensed agencies will now be allowed immediately, i.e. as of October 28th, 1997 as opposed to the date set earlier of January 1st, 1998. The Council welcomes this move. The reduction in the Indian premium vs the international gold price will be accelerated. As a result, the restraint on buying by consumers and trade pending the introduction of the new measures next year has been removed, allowing unimpeded offtake growth.