The yellow metal gets costlier as prices hover near an 8-month high on the back of a weak dollar. Prices have also received a boost from increased demand from China. Gold has outperformed most of the other asset classes as it has surged by 3 percent so far in the New Year.
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With less than a month to go for the Union Budget 2023-24, the jewellery industry has put forth its wish list. The diamonds and gemstones industry is seeking a reduction in import duty from 5 percent to 2.5 percent. Meanwhile, the precious metals industry, which includes gold, silver and platinum, wants import duty to be reduced to 4 percent. The industry also wants basic custom duty on jewellery to be hiked to 25 percent.
Vipul Shah, Chairman at the Gem and Jewellery Export Promotion Council said, “As far as the duties on the precious metals, which is gold and silver is concerned, we have been pushing it for a long time to bring it down to 4 percent that could be competitive for exports and good for the country. We are trying to make sure that the government brings down the duty to 4 percent to discourage the smuggling activity which takes place.”
Also, watch CNBC-TV18’s Manisha Gupta speaking to Sonjoy Mohanty of ISMA on what the sugar industry expects from Budget 2023.
The sugar industry is looking forward to a series of incentives from the government with focus on ethanol and renewables. Sugar manufacturers have been seeking a revision in minimum support prices as well as a revenue sharing formula. They also want the government to introduce measures to shield prices from inflation.
Watch video for more
