The All India Gems & Jewellery Trade Federation has announced that a voluntary ban on sales of gold coins and bars could be continued for six months.

Haresh Soni, chairman of the industry body, said that the jewellery community was in support of the government in the current times of crisis.

Speaking on the topic, Soni said, "The jewellery community is one in supporting the country in times of crisis. We are happy to help with this voluntary action."

As per Soni's claims, more than 65 per cent of around 40,000 members of the federation have agreed to continue the ban for a period of six months. Sixty-five per cent members of the trade body account for nearly 35 per cent of the country's total business.

India is the world's biggest consumer of gold. Heavy imports of the precious yellow metal have become a big problem for the government because these imports are contributing to the country's current account deficit (CAD).

In the financial year 2012-13, the country's current account deficit jumped to a record 4.8 per cent of gross domestic product (GDP). As part of its efforts to rein in gold imports, the government has increased duty on the imports of the metal to 8 per cent.