Mumbai: The All India Gems & Jewellery Trade Federation (GJF) has appreciated the Ministry of Commerce & Industry’s initiative to work on reducing the import duty on gold to 2%, from the current 10%, for the benefit of the gems and jewellery sector.
In a statement, Mr. G V Sreedhar as Chairman, GJF, said, “We welcome the suggestions made by the Union Minister of Commerce and Industry, Smt. Nirmala Sitharaman on reducing duty of gold imports to 2%, which will aid in enhancing production and also encourage gems and jewellery exports. Gold imports are declining continuously and this move will aid exports, if the Finance Ministry accepts the suggestions of reducing the import duty.”
The Gems and Jewellery sector is one of the 25 thrust areas identified under the ‘Make in India’ programme and there is a need to attract domestic and foreign investments to boost manufacturing and create jobs. Currently, the sector is finding it difficult to compete in the global market because of 10 per cent duty on gold imports.
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