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Friday, 27th January 2006 (4798 views)

Rand Refinery, one of the world's biggest gold refiners, says it will open up a direct base to serve Indian jewellery manufacturers upon further liberalisation of the market.

The South African outfit currently reaches the Indian market through bullion banks – such as the State Bank of India - as direct sales to manufacturers are not permitted.

But Chris Kenny, Rand Refinery's director of global market, said that the refiner would present its products and services to the Indian gold industry directly if the rules were relaxed.

"We want to have more of a direct involvement," Mr Kenny was quoted as saying by the Economic Times.

"The current laws don’t permit this. But when changes are made, we would directly sell gold to jewellery manufacturers."

Rand Refinery has sold around 650 tonnes of gold into the Indian market over the last five years.

Boasting the world's largest single site refinery and smelting complex, Rand Refinery has an annual production capacity of 400 tonnes.

 

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