Antam seeks to resume gold export to India

By Thomas Sembiring

IDX-listed mining company PT Aneka Tambang Tbk (Antam) is seeking to soon resume gold export to India after having been suspended for a few months in the wake of tougher requirements introduced by the Indian government in January.

?We?re now trying to enter India again through other ways,? said Hari Widjajanto, Marketing Director of Antam on Wednesday.

Antam used to export gold in the form of jewelries to India. But it suspended export after the Indian government required a 100 percent bank guarantee, up from 20 percent of transaction index previously, and introduced a new tax. The policy was protested by Indian gold importers who won the case at the court, but the government appealed with the Supreme Court.

Hari said that Antam will try other ways, exporting gold in the form of non-jewelry products to India, which is considered as a huge market for gold. Last year, Antam exported around 8 tons of gold to India. This year, it hopes to export 4 tons to India.

Editing by Reiner Simanjuntak