The Indian government is pushing for revisions to the India-UAE Free Trade Agreement, following recommendations from the Global Trade Research Initiative (GTRI) to withdraw duty concessions on precious metals and jewellery

The Indian gold jewellery industry is poised for significant growth in the financial year 2025 (FY25), with revenue expected to increase by 13-15%, according to a report by ICRA

The Indian Government has increased the customs duty on imports of gold alloys under the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, aiming to close a loophole exploited by bullion dealers that led to significant market distortions and revenue loss

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

Tanishq, a leading jewellery retailer under Titan Company and Tata Group, is anticipating significant developments in the upcoming budget regarding the rationalisation of duties on gold imports

David Tait, CEO of the World Gold Council (WGC) headquartered in London, predicts that gold demand in India and worldwide will remain robust throughout 2024

The Dubai Gold & Commodities Exchange (“DGCX”), the largest and most diversified derivatives exchange in the Middle East, has announced that it is waiving fees for its Shari’ah Compliant Spot Gold Contract (contract symbol: “DGSG”).

Prices will soar as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery have been increased in the Union Budget.

Gold bars and coins continued to hold favour with investors in several countries around the world.

India’s Finance Minister asked to review GST and cut down import taxes on gold to brace illegal gold imports

This is a marked jump from the pre-pandemic era of 2019, when gold worth Rs 10,000 crore was sold

Over time, this will help consumers, investors, and market participants to trust that their gold is genuine and has been responsibly and sustainably sourced

Some of the major aspects of budget representation are duty cuts primarily for gold, cut and polished diamonds, precious and semi-precious gemstones

Indian official imports have continued to grow despite high import duty, averaging 760t since the first duty hike in 2012