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To: Ironyman who wrote (15933)	8/15/1998 3:07:00 PM
From: Alex	Respond to of 116994

Dubai gold imports drop sharply; reforms hit redistribution market Platt's Metals Week, 27 Jul 1998, p 4 Dubai's gold imports fell sharply (48%) for the fifth consecutive month in June 1998 due to new import rules in India. Overall, gold imports have fallen 20% in the first six months of 1998 compared with the same period in 1997. Despite the drop, Dubai remains the world's largest gold redistribution centre, well ahead of its closest rival, Singapore. However, its supremacy is now under threat as reforms in the laws governing the import of gold into its largest re-export market, India, begin to bite. India accounts for at least 80% of Dubai's redistribution market. The laws date from 1989 and include the relaxed controls on buying, selling and stockpiling gold; granting Indians returning from abroad permission to bring back 5 kg (now 10 kg) of gold; and allowing banks to directly import gold from suppliers. This last reform effectively removed the need to use Dubai as an intermediary in the supply of gold to India. The extent of its effect will depend on how efficient and risk-free the Indian import system is, and whether the Indian domestic import market will be able to meet the increased demand in the short term.