Duty on jewellery-making materials hike up!

Recently, the GJEPC had presented their recommendations for the impending budget 2024-25! In the row Sachin Kothari, Director of Augmont Gold For All also expressed that, “as 2024 is going to be an interim budget, the government is likely to continue with manufacturing incentives, upgrade infrastructure-related capex in the country, and promote Make in India, electric vehicles, and power generation.

We anticipate and hope that the government will lower tariffs on gold imports, rationalize pricing, and thereby contribute to the formation of a level playing field between the regular and grey markets.”

Amid the wishing for lower tariffs on gold imports, the Indian government has recently increased import duties on gold and silver findings, essential components for crafting jewelry, as well as on precious metal coins. Effective January 22, the duty rate has been raised from 11% to 15%, aligning it with the existing duties on gold and silver bars.

In an announcement made, the Ministry of Finance in India also raised the import duty on spent catalysts containing precious metals, increasing it to 14.35% from the previous 10.1%.

This strategic move is aimed at preventing the evasion of duties on gold and silver bars, particularly in response to a significant surge in imports over the last two months. The surge primarily involved gold findings such as hooks, clasps, and other components used in the intricate process of jewelry-making.

The government official emphasized that the measure is designed to maintain consistency in duty rates across various precious metal categories and foster fair trade practices in the industry.

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