GJ Town India

  Import duty on platinum has been reduced to 10% Ms Vaishali Banerjee, Managing Director-Platinum Guild International (PGI)-India said “The Budget presented by the Finance Ministry, will lead to positive outcomes for the jewellery industry.   It is heartening to see that the import duty on platinum has been reduced to 10%, which is a welcome decision made by the government.   This will boost consumer sentiment and in turn demand, benefiting both the industry and the consumers as the market recovers in 2021. We look forward to a year of a strong recovery.”

Promotes fair businesses and discourage unorganized trade! Budget shows the Government caring consumers!   As scheduled Nirmala Sitharaman, Minister of Finance presented the Budget 2021-2022 proposals on February 1, 2021. De  facto the Budget proposals for 2021-2022 rest on 6 pillars, i. Health and Wellbeing, ii. Physical & Financial Capital, and Infrastructure, iii. Inclusive Development for Aspirational India, iv. Reinvigorating Human Capital, v. Innovation and R&D & vi. Minimum Government and Maximum Governance. Looking at Gem and Jewellery (GJ) industry & trade, the budget said: “Gold and silver presently attract a basic customs duty of 12.5%. Since the duty was raised from 10% in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalizing custom duty on gold and silver.”   For the disposal of seized gold said, “1. Section 110 of the Customs Act is proposed to be amended to revise the pr...

Key Highlights: 1: Gold import duty reduced from 12.5% to 7.5%, 2: Silver import duty reduced from 12.5% to 7.5%, 3: Duty on Platinum reduced to 10%, 4: Clarification Sought - Equalisation Levy of 2% not applicable on B2B Purchases from International Diamond Auctions & 5: A new Sebi regulated gold exchange has been announced!   GJEPC welcomes Hon’ble Finance Minister Nirmala Sitharaman’s visionary budget & welcomes a reduction of customs duty on raw materials like gold, silver and platinum to boost jewellery exports. The Finance Minister Nirmala Sitharaman has announced a slew of measures to boost Gem & Jewellery (GJ) exports by cutting import duty on precious metals such as gold, silver and platinum. 1. The import duty on gold and silver has been reduced from 12.5% to 7.5%,  2.  Import duty on Platinum, Pallidum, etc has been reduced from 12.5% to 10%,  3.  Import duty on Silver Dore Bar from 11% to 6.1%. 4.The import duty on Gold/Silve...