Jewellers hope for dip in gold, silver rates after duty slash
Times of India | 24 July 2024
Kolkata: Jewellers in the city are expecting a climbdown in gold prices soon following the budget announcement by Union finance minister Nirmala Sitharaman. While they could not put exact amount to it, jewellers are expecting prices to come down by Rs 200-250 per gram going forward.
“We had a 10% duty on gold and silver which was reduced to 6%. But the additional 5% agriculture tax on gold and silver continues.There is an effective cut of 4% and in the jewellery segment, that is a huge relief for the buyers,” said Rupak Saha, a zonal member of the Gem and Jewellery Trade Council of India. “We expect the effective reduction in the range between Rs 200 and 250 per gram,” he said.
According to Suvankar Sen, MD and CEO of Senco Gold Ltd, reduced gold prices will boost the sales of yellow metal. “We expect an increase of sales by 10%-12% due to the 9% reduction in duties on prices of gold and silver,” he said. After the announcement from the FM, gold prices in India slipped by Rs 250-300 per gram.
Anargha Uttiya Chowdhury, director of Anjali Jewellers, said reduction in gold and silver will generate employment among artisans. “Many have left the industry. The increased demand may prompt them to return,” Chowdhury said.