SURAT: The State Bank of India (SBI) began selling duty-free gold in Diamond City for the first time. With the help of the SBI and in response to a request from the Surat Jewellery Manufacturer Association (SJMA), the gold distribution centre has been established.
This will be Gujarat‘s first location for selling gold without paying taxes. There are around 450 jewelery manufacturing facilities in and around the city. “The majority of jewellery producers had to buy duty-free gold from Mumbai. The duty-free centre was something we had sought, according to SJMA President Jayanti Savaliya.
The SBI has established a gold distribution centre at their main branch in Chowk Bazaar. Gold will be available for purchase from there for qualified jewellery producers.
“To compete in the global market, jewellery exporters need duty-free gold. Countries like Dubai do not charge duty on gold for export to promote business,” said Savaliya.With the setting up of the duty-free centre, jewellery manufacturers from the city will get a level playing field with exporters from other countries. According to SJMA, the current capacity of the gold vault is 50 kg.