Budget 2021 impact: Cheaper gold, silver jewellery to add glitter to marriage season
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Last Updated: Feb 03, 2021, 10:01 AM IST
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“Price of gold will come down. There is a lot of pent-up demand in the market and the reduction in duty will unleash that demand,” said Ahammed MP, chairman of Kozhikode-based international jewellery retailer Malabar Gold & Diamonds.
Agencies
India imports around 800 -850 tonnes of gold annually. It is estimated that another 100-120 tonnes of gold enter the country through the grey market route. The duty cut may also help jewellery exports.
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Gold and silver jewellery will become cheaper in the country ahead of the upcoming wedding season with FM Nirmala Sitharaman reducing import duty on gold and silver to 7.5% from 12.5% in the Union budget. Besides bringing relief to the consumers, the move would make Indian jewellery more competitive in global markets and also help reduce gold smuggling into the country, in
A landmark budget for gem & jewellery industry, says GJEPC
By IANS |
Published on
Mon, Feb 1 2021 20:21 IST |
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Jewellery.. Image Source: IANS News
Jaipur, Feb 1 : The Gem Jewellery Export Promotion Council (GJEPC) on Monday welcomed Union Finance Minister Nirmala Sitharaman s visionary budget over reduction of customs duty on raw materials such as gold, silver and platinum to boost jewellery exports.
The import duty on gold and silver has been reduced from 12.5 per cent to 7.5 per cent while import duty on platinum, pallidum etc has been reduced from 12.5 per cent to 10 per cent. The import duty on silver dore bar has been reduced from 11 per cent to 6.1 per cent.
India Global Connect With Oman: Traders Seek Duty-Free Direct Access India and Oman have a deep-rooted people to people connect, and our historically good relationship was upgraded to strategic partnership in 2008 By: Diamond World News Service
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The Gem & Jewellery Export Promotion Council (GJEPC) organised a virtual business meeting with Oman on 28
th January 2021 in order to connect jewellery manufacturers from India and leading retailers/wholesalers of Oman.
Gracing the occasion were Ravi Shanker Goel, Second Secretary (Commerce) Indian Embassy in Muscat; Suresh Kumar, Joint Secretary Ministry of Commerce & Industry, Government of India; Nasser Ashraf Al Balushi, Head of Gemological Department, Ministry of Commerce Investment and Trade Promotion; Colin Shah, Chairman, GJEPC; Mansukh
RAPAPORT. India’s polished-diamond exports fell 31% to $14.17 billion in 2020, according to Rapaport calculations based on data from the country’s Gem & Jewellery Export Promotion Council (GJEPC).
A slump during the peak of the coronavirus crisis outweighed a recovery in the fourth.