Exporters on Thursday urged the government to provide support measures in the next foreign trade policy (FTP), being formulated by the commerce ministry, to boost the country s outbound shipments. Different suggestions were made by representatives of different export promotion councils during their meeting with the commerce ministry. Gems and Jewellery Export Promotion Council (GJEPC) President Colin Shah said the government should announce a jewellery repair policy in the next FTP (2020-25) as it will help promote shipments of jewellery. He said the policy is required as India has all the infrastructure to become a hub of the world in repair and restoration of old and damaged jewellery.
Updated Feb 02, 2021 | 11:54 IST
Silver futures on MCX plunged more than 2% to an intraday low of Rs 71,500 per kg. Yesterday, silver prices had surged 6% or Rs 4,238 per kg. Gold, Silver price today
New Delhi: Domestic gold prices continue to fall sharply for the second day on Tuesday after the Union Budget proposed to cut import duties on gold and silver to 7.5% from 12.5%. On MCX February Gold futures fell as much as 1% to Rs 48,180. On Monday, gold prices had corrected 1.2% or Rs 627 per 10 gram.
Silver futures on MCX plunged more than 2% to an intraday low of Rs 71,500 per kg. Yesterday, silver prices had surged 6% or Rs 4,238 per kg.
Import duty cut on precious metals a major relief
February 02, 2021
‘Rationalised duty structure and simplified processes are fundamental to an organised trading market’
The government has reduced the import duty on gold and silver to 7.5 per cent from 12.5 per cent but added an agriculture infrastructure and development cess of 2.5 per cent, taking the overall duty to 10.75 per cent, including social welfare of 0.75 per cent.
Somasundaram PR, Managing Director, India, World Gold Council, said it is a much-needed incentive for the organised and compliant players in the industry. A rationalised duty structure and simplified processes are fundamental to an organised trading market.
Many leading diamond jewellery brands in the US, including Signet Jewellers, the largest retailer of diamond jewellery, now sell lab-grown diamonds
SURAT: The domestic lab-grown diamond or synthetic diamond industry is set to get a major boost with the union finance minister Nirmala Sitharaman increasing the basic customs duty (BCD) on the import of cut and polished synthetic diamonds from 7.5% to 15%.
The lab-grown diamonds cut and polished in India are attracting buyers from new markets such as Germany, Italy and Australia with the economic uncertainty caused by the coronavirus pandemic making the natural diamonds unaffordable for most of the consumers in the global markets.
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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