This is the first duty-free gold-selling centre in Gujarat. Currently, 450 jewellery manufacturing units are operating in and around the city.
With the setting up of the duty-free centre, jewellery manufacturers from the city will get a level playing field with exporters from other countries. According to SJMA, the current capacity of the gold vault is 50 kg.
The SBI has set up the gold distribution centre at its main branch in Chowk Bazaar. Eligible jewellery manufacturers will be able to buy gold from there.
"To compete in the global market, jewellery exporters need duty-free gold. Countries like Dubai do not charge duty on gold for export to promote business," said Savaliya, President of SJMA.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished