The domestic industry has demanded a cut in import duty on gold to 4% from the current 10%
The Summit was inaugurated by Suresh Prabhu, Hon’ble Minister of Industry & Commerce who spoke of the importance of strengthening our exports market.
Underscoring the importance of the emerald industry in Colombia, several high-level government officials welcomed delegates from the world gem and jewelry community.
Diamond export trade to be impacted: GJEPC
The duty-paid gold imports into India, the world's second biggest buyer of the precious metal, declined by 31.56 per cent to 168 tonnes during the April-July period of this fiscal due to sluggish demand.
The show is one of the most important jewellery events, which showcases a large variety of coloured gemstones and the finest jewellery collections.
The Government think tank Niti Aayog has suggested that the Government bring down import duty on gold from the existing level of 10 percent and also slash the Goods and Service Tax rate on the precious metal from the current 3 percent.
A total of 18 tax items involving jewellery categories are included in the tariff reduction, with an average tariff rate drop of 68 per cent.
The report said, during the first quarter of 2018, sales of platinum jewellery logged 25 per cent retail sales growth in India.
The two nations implemented a free trade agreement in January 2010. Under the pact, basic customs duty on gold was eliminated.
Under the 'bonded basis' imports, the duty free consignment will not be allowed for domestic use and the entire gold will have to be exported after value addition.
Unrefined gold from Africa is expected to be imported by the companies by air and transported to the refineries under strict security for production of gold dores.
The revenue secretary and top officials of the ED, the Central Board of Direct Taxes and the Central Board of Excise and Customs had appeared before the panel.
The Government said that there is no proposal to review the gold imports policy as inbound shipments of the metal have remained high.
Welcoming the Budget, the gems and jewellery industry said positive focus on the rural economy and estimated growth of GDP to 7.2-7.5 per cent will boost demand.
The commerce ministry has pitched for reduction in import duty on gold in the forthcoming Budget with an aim to promote gold jewellery exports, a senior government official said.
With an interesting mix of industry and non-industry experts, the first day of the summit definitely proved to be a learning platform for industry personnel says Vijetha Rangabashyam.
The 4-day conclave witnessed discussions about various important issues relating to mining,
consumer confidence, sustainability and of course potential market segment i.e. millennials,
reports Kavita Parab.
The importers will now have to obtain a license from the Directorate General of Foreign Trade (DGFT) for importing gold and silver from South Korea.
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Making a name for you in the extensive world of jewellery retailers needs much more than just beautiful jewellery. Sourcing of diamonds, talented artisans and a market to appreciate your jewels are equally important. Moreover, one city in India that has all these factors available in abundance is Surat. Preeta Agarwal talks to Surat’s famous jewellery designers about how the city of Surat contributes to their work.
The revival of Kolar mines is expected to help the government bring down its import bill.
The demonetization move aims to reduce India’s dependence on Gold imports, which has a direct bearing on current account deficit and rupee value.