Post Budget reaction on Gold Industry by Chairman and VC of GJC

“We thank Honourable FM Shri Nirmala Sitharaman ji for presenting a well-balanced Union Budget 2023-24, centered on the spirit of Amrit Kaal. Key bulletins resembling Income tax- rebate prolonged on earnings as much as Rs 7 lakhs within the new tax regime enhance within the outlay of PM Awaas Yojana is a giant reduction for the middle-income group. However, the Gems & Jewellery Industry’s essential issues will not be addressed within the Union Budget 2023-24. While the Research and Development grant might be supplied to 1 of the IITs for the event of Lab Grown Diamond seeds and machines, the opposite sectors of the trade have been ignored. The discount in Gold Custom Duty on this Budget was our massive expectation, which has severely hampered the trade and inspired smuggling and the gray market. GJC has been actively representing the discount in customs obligation of Gold over previous a few years. However, the Silver Dore Bars Custom Duty has been introduced at par with Gold and platinum on this finances. This transfer will adversely have an effect on the plenty. GJC will proceed to characterize this vital concern of the Industry. We are having a gathering with Honourable FM on 4th February at Mumbai, through which we will as soon as once more stress upon the vital issues resembling discount in customized obligation, EMI on Jewellery, Relief in Capital Gain tax and Gold Monetisation Scheme and so forth.”