Budget 2020: Jewellery sector seeks reduction in gold customs duty to 6%, polished diamonds to 2.5% to revive industry
Saying that liquidity is a major area of concern, All India Gem and Jewellery Domestic Council (GJC) Chairman Anantha Padmanaban said the government should take steps to ensure that banks lend to jewellers.
GJC urges govt to rollback import duty on gold; seeks comprehensive integrated policy to save gems and jewellery sector
Reduction in gold duty will directly reduce social and economic menace in the country, he said.
PNB scam: Chalta hai attitude resulted in fraud but jewellery sector not to be impacted for long, says Vinod Hayagriv of C Krishniah Chetty Jewellers
The Punjab and National Bank (PNB) scam does not point to lack of market intelligence or audit mechanisms.
'Compulsive liar' Mehul Choksi should have been caught 4 years ago, says ex-Gitanjali Gems MD Santosh Srivastava
The 'money owed to the country is Rs 11,400 crore' which could have been much lesser if the government agencies had taken action when Srivatsava contacted them with letters pointing out the anomalies in Gitanjali Gems, he said.
Global gold demand falls 9% in Jul-Sep on lower ETF flows in US, GST, anti-money laundering rule in India
Gold bar and coin demand grew by 17 percent driven largely by China due to currency depreciation and government restrictions on alternate investment options
All India Gems and Jewellery Trade Federation (GJF) Chairman Nitin Khandelwal opined no new tax proposals is a positive move for the sector.
The fight against the menace of black money is far more complex, and requires more concrete and stronger measures by the government
The government may consider 2-4 percent reduction in gold import duty in the forthcoming Budget, a move that could help boost exports and manufacturing of gems and jewellery