Sold to Gold (Episode 1) Gold is culturally and also religiously very close to the heart of millions of households in India. China and India together account for very close to 60% of the global consumer demand for gold jewellery. Since import of gold to the tune of 800-1000 tonnes annually eats into the foreign exchange reserves of India, the Finance Minister not only hiked the import duty to 10% but has also proposed a Gold Monetisation Scheme in the Budget 2015. Meanwhile, gold through smuggling routes appears to be raining in India. To discuss the various aspects of gold consumption, import, smuggling and others TIOL Founder Editor and CEO Shailendra Kumar held a discussion with Sumit Dutt Majumder, former CBEC Chairman; Mr C Mathur, former Chief Commissioner of Customs; Mr K K Duggal, Director (Trade & Policy), Gems & Jewellery Export Promotion Council and TIOL Senior Editor Saroj Raja.