Mehul Choksi CMD Gitanjali Gems Reaction on Budget 2012

DSIJ Intelligence / 16 Mar 2012

Government needs to ensure that the hike in import duty on gold will not encourage illegal imports, which had fallen considerably after rates were reduced some years ago.

“The budget has given incentives to the agricultural sector will translate into increased incomes and boost savings, resulting in higher demand for jewellery which is the preferred form of investment for the rural consumer.

The hike in duty on gold imports from 2 to 4 per cent and 1 per cent excise duty to be levied on 30 per cent of the invoice value for all forms of jewellery will have a nominal impact on prices and not effect jewellery demand, which has remained strong despite a 32% increase in gold prices over one year.

However, government needs to ensure that the hike in import duty on gold will not encourage illegal imports, which had fallen considerably after rates were reduced some years ago.” 

Mehul Choksi
CMD Gitanjali Gems

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