The World Gold Council (WGC) has expressed concerns about the potential hike in gold import duties in India’s upcoming Union Budget for 2025

The recent surge in gold prices, driven by U.S. Federal Reserve interest rate cuts and geopolitical tensions, has led to a sharp decline in physical demand across major global markets. Despite a temporary boost in India following an import duty cut, the overall trend shows consumers pulling back as prices hit record highs, prompting many to sell their holdings and profit from the rally

The FATF's report highlights how precious metals and stones can be easily traded to move large sums of money without clear ownership trails, putting the industry at risk for illicit financial activities

India’s gold market is witnessing a significant boost in demand following a major reduction in import duties

A recent reduction in gold import duties—from 15% to 6% in the latest budget—has led to a remarkable 35-40% increase in sales for gold retailers across India. This dramatic shift has provided a much-needed boost to an industry that had been struggling with high prices and stagnant sales

The Indian government is expected to increase the Goods and Services Tax (GST) rate on gold and silver from 3% to 5%. This anticipated hike follows recent reductions in the basic customs duty, as outlined in the latest Budget

Jewellery stocks continued their upward momentum for a second straight day on Wednesday as investors responded positively to the reduced customs duties

Finance Minister Nirmala Sitharaman’s Budget has been hailed by the gems and jewellery industry, with stakeholders calling the duty cuts a long-awaited step in the right direction

In a significant boost to the gems and jewellery industry, Finance Minister Nirmala Sitharaman announced a reduction in customs duties on precious metals. The customs duty on gold and silver has been slashed from 15% to 6%, while the duty on platinum has been lowered from 15.4% to 6.4%

The export of gems and jewellery from Surat’s Special Economic Zone (SEZ) at Sachin experienced a significant drop in the past financial year, plummeting by half in value compared to 2022-23

Currently, Malabar Gold & Diamonds operates 345 stores across 13 countries, with plans to open new stores in New Zealand, Egypt, Bangladesh, and more locations in Europe

The Budget has not addressed any of the concerns of the gem and jewellery industry, leaving the industry disappointed

Around 20-25 percent of the industry's inventory still needs to be HUID hallmarked.

The recent raid by the Directorate of Revenue Intelligence (DRI) and STF Punjab on a jewellery shop in Sarafan Bazaar has caused an uproar among the community. The shop's owner has been arrested for allegedly smuggling gold into India from Dubai.