Gems & jewellery sector seeks cut in gold import duty to 4%
Updated : January 29, 2019 02:43 PM IST
All India Gem and Jewellery Domestic Council (GJC) chairman Anatha Padmanabhan in a letter to finance minister Arun Jaitley said the 10 percent import duty on gold was levied to curb current account deficit (CAD).
India's trade deficit narrowed more-than-expected to $12.96 billion in June, 2017, but the increased import duty on gold has given rise to the grey market, he added.
Meanwhile, Gem and Jewellery Export Promotion Council (GJEPC) chairman Pramod Kumar Agrawal urged the government to reduce import duty on cut and polished diamonds as well as on cut and polished gemstones to 2.5 percent from the current 7.5 percent.