Following the easing of 20:80 gold import norms by the Reserve Bank, India Bullion & Jewellers

Association (IBJA) on Thursday said gold prices are likely to fall to Rs. 23,000-24,000 per 10
grams by Diwali as it also expects the customs duty reduction in the forthcoming budget.

"RBI's easing of 20:80 gold import norms is positive for the gems and jewellery industry. We
expect this will be followed by reduction of the Customs duty to 4-5 per cent from the current 10
per cent in the forthcoming Budget, resulting in declining of gold prices and (price) is likely to be
at Rs. 23,000-24,000 by Diwali," IBJA president Mohit Khamboj told reporters in Mumbai.

The yellow metal is likely to be on par with the global prices as the premiums will also go down
due to the positive steps taken by the government, he said.

"It will also reduce the gold inflow through the grey market."