As gold prices continue their upward tick, Union Finance Mininster Nirmala Sitharaman ruled out the possibility of reduction of import duty of the yellow metal which was announced in the Budget.

Speaking to a group of mediapersons in Ahmedabad she revealed, "Gold that is imported for value addition i.e. making jewellery among others for export does not have a customs duty but normal gold does have. Gold is not a product that we have in the country like crude oil and other electronic items." The FM increased gold import duty from 10% to 12.5% creating tensions in the gems and jewellery sector which has already been struggling with low demand.