Budget 2024 | Jewellery industry expects duty cuts, tax reforms, and streamlined regulations
The jewellery industry is eagerly looking forward to potential duty cuts on gold, silver, diamonds, and platinum as part of the upcoming 2024-25 Budget, set to be presented by Finance Minister Nirmala Sitharaman on July 23.
This expectation is especially significant as it coincides with the wedding and festival season, a period traditionally marked by high demand for jewellery.
The current duty structure has several complexities and inefficiencies, according to Surendra Mehta, Secretary of the India Bullion and Jewellers Association (IBJA).
He noted that varying duty rates on gold and silver imports from different countries lead to market distortions.
For instance, under the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, the duties on gold and silver differ from those imposed on imports from least developed countries or on LBMA (London Bullion Market Association)
