Author: Paul Ploumis23 May 2014 Last updated at 02:47:19 GMT

MUMBAI (Scrap Monster): After a long month of deep slumber, the gold import in India has woken up with new aspirations as the Reserve Bank of India permitted more companies to import the precious metal into the country.

It is expected that the export of the yellow metal is likely to surge by 10 to 15 metric tons a month, Mr.Bamalwa, a director with the All India Gems & Jewelry Trade Federation said.

The cost that jewelers pay importing banks and dealers may fall to $40-$50 an ounce over the London cash price from $90 in the next 15 days, Mr.Bamalwa added.

The jewelers anticipate the newly elected BJP government may lift 10 percent gold import duties as the country’s current account deficit narrowing and under control. It would surge the yellow metal supply to bring down the gold prices and premiums.