Image credit: Dima Valkov (Pexels)
The import duty on gold and silver has been reduced from 12.5% to 7.5%, while importers of platinum, palladium, etc., will now be levied a 10-percent duty instead of 12.5% they paid before.
Commenting on the government’s decision, Colin Shah, Chairman, GJEPC said, “We sincerely thank the Hon’ble Prime Minister and Hon’ble Finance Minister for this bold and pragmatic growth-oriented budget. The reduction in import duty from 12.5 per cent to 7.5 per cent will help the Gem & Jewellery exports become globally competitive. Reduction in duty on raw materials would give the much-needed boost to the sector and help it to move to the next level. In fact, high duty on precious metal had made our exports uncompetitive leading to large Indian diaspora/NRI, moving to Dubai, Hong Kong or other centres to buy jewellery which was largely impacting the employment as well as business in India. Along with this the decrease of import duty on jewellery findings to 10% will help the jewellery manufacturer exporters in a big way.”
Thanking the Prime Minister and Finance Minister for coming out with a visionary budget, Vipul Shah, Vice Chairman, GJEPC said, “The finance minister has done a remarkable job by presenting a bold budget in these difficult times. The budget focused on investments in the infrastructure sector, consolidation of regulations, implementing digitisation in several sectors and reducing regulatory forbearance. There were also various measures to improve consumptions. We want to congratulate finance minister and prime minister for coming out with a landmark budget.”
Vladimir Malakhov, Rough&Polished
