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Sri Lanka gold sales fall after tax: dealers

July 10, 2013 (LBO) – Gold purchases from dealers in Sri Lanka slowed after a 10 percent tax was imposed, despite prices falling further, industry players said. On Tuesday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 40,500 rupees for a 22 carats and 44,000 rupees for a 24 carats, in the trade, after falling from highs of 54,000 in March, a dealer said.

At retail level sovereigns were quoted as much as 45,000 rupees per coin.

Last month a 22 carat sovereign was quoted around 47,000 rupees following a 10 percent tax imposed by the government on all gold imports.

According to a broker the maximum price 22 carats gold sovereign has reached is 62,000 rupees in previous year.

Tourists now find gold in Dubai and Malaysia more competitive, dealers said.
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Gold dealers say the consumers are expecting a further drop in international gold prices which may have contributed to a fall in purchases.

The Sri Lankan government imposed the 10 percent tax to prevent smuggling of gold to the neighboring country India, which imposed a high tax on gold imports.

Indian economic restrictions on their citize

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