GJ Town India

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...

Gem & Jewellery industry disappointed with increase in import duty on Gold & precious metals: GJEPC With cost of doing business going up, export competitiveness will go down; Indian exporters will lose business to neighbouring countries resulting in job losses! The Gem & Jewellery Export Promotion Council (GJEPC) has sought rollback and further reduction in import duty on Gold and precious metals, which has been increased to 12.5% as announced by Hon. Union Finance Minister Smt. Nirmala Sitharaman during the presentation of Union Budget 2019-20.   GJEPC has also sought a reduction in import duty on Cut & Polished Diamonds from 7.5% to 2.5% as part of the Government’s focus on enhancing exports and strengthening India’s positioning as a world leader in the diamond cutting and polishing business. Mr. Pramod Kumar Agrawal, Chairman, GJEPC, said, “The gem & jewellery industry is going through very tough times with decline in exports and ...

Gem-n-Jewellery industry Wishing to be addressed! Disposable income will surely lead to retail growth! Mr Pramod Kumar Agrawal, Chairman, Gem and Jewellery Export Promotion Council (GJEPC) said, “We understand that the budget presented was a vote on accounts budget and is not a full budget. We welcome Government’s thrust on ensuring progress and prosperity through the budget. The relief given in direct taxes to middle classes and farmers will be good for increasing jewellery demand in the country. Also we hope that with the capital infused in the banking sector and banks coming out of PCA will help in solving the shortage of working capital for our exporters. At the same time we are disappointed that the demand for decrease in import duty of raw materials like gold, silver, C&P diamonds and coloured gemstones were not included in the budget today. We hope that during the declaration of the full budget after elections the gem and jewellery sector demands wi...