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Showing posts with the label Gold Import Duty

GJF’s Budget wishlist aligned to Prime Minister’s Make in India dream for gems & jewellery sector

ØSeeks reduction in gold import duties as global oil & gold prices have fallen ØUrges Government to exclude jewellery from all FTAs ØSeeks a comprehensive gold mining policy that encourages domestic exploration ØUrges Government to stimulate enhanced recycling schemes for idle gold
Mumbai, January 15, 2015: As part of its pre-Union Budget recommendations, All India Gems and Jewellery Trade Federation (GJF), the national nodal and the largest single trade body in India for the promotion and growth of trade in gems and jewellery across India, has urged the Union Finance Minister to bring down the duty on gold from 10% to 2% to encourage ‘Make in India’ initiative in the gems & jewellery sector. At present, the current account deficit is under control due to reduction in global gold prices (40% down) from USD 1,900 to USD 1,200 today. Fortunately, crude prices (which account for the highest bill for imports) have reduced 60% in last 6 months.
According to the GJF, increasing import d…