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Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver
The Modi government has announced a cut in the import duty on gold and silver, a move welcomed by the industry as it will bring down prices of precious metals in the domestic market and boost exports of gems and jewellery. Finance Minister Nirmala Sitharaman in her budget speech said that to bring the prices of precious metals closer to previous levels, the government will rationalise customs duty on gold and silver.
Gold and silver presently attract a basic customs duty of 12.5 per cent. Since the duty was raised from 10 per cent in July 2019, prices of precious metals have risen sharply. But the government in the Budget cut the customs duty on gold and silver to 7.5 per cent while duties on other precious metals were cut down to 6.9 per cent on gold dore bar from 11.85 per cent; 6.1 per cent on silver dore bar from 11 per cent; 10 per cent on platinum from 12.5 per cen