Nation

IIE DIGITAL DESK: In a bid to bolster the domestic jewelry industry and promote economic growth, the Union Budget has proposed a reduction in customs duty on gold, silver, and platinum. The finance minister announced this significant policy shift during the budget presentation, aiming to make these precious metals more affordable for consumers and stimulate demand within the sector.

The revised customs duty rates are expected to provide much-needed relief to jewelers, who have been grappling with high import costs. By lowering the duty, the government aims to curb illegal imports and boost the formal economy. This move is anticipated to benefit not only the jewelry industry but also related sectors such as banking, where gold is often used as collateral for loans.

Analysts predict that the reduced duty will lead to a decline in gold and silver prices, making them more accessible to the general public. This is particularly significant in a country like India, where gold holds cultural and traditional importance.

The reduction in customs duty on precious metals underscores the government’s commitment to fostering economic stability and growth, ensuring that the benefits are passed on to consumers and businesses alike. The industry welcomes this change, anticipating a positive impact on sales and overall market dynamics.

Budget 2024 LIVE Updates: Customs duty on gold and silver to be reduced to 6%, platinum to 6.4% Union Budget 2024 Live Updates: The Finance Minister stated that to enhance domestic value addition, the customs duty on gold and silver will be reduced to 6%, while the duty on platinum will be lowered to 6.4%.