India reduces import duties on "gold-silver" from 15% to 6% to stimulate domestic jewelry manufacturers.

India reduces import duties on "gold-silver" from 15% to 6% to stimulate domestic jewelry manufacturers. Including reducing platinum and palladium taxes to 6.4% from 15.4%.

On July 23, 2567, the Bloomberg news agency reported that Nirmala Sitharaman, Minister of Finance, Minister of Finance of India. said in his annual budget speech in New Delhi that The government has reduced the import duty on gold from 15% to 6% with the aim of increasing the domestic value of gold jewelry and precious metals in the country.

Such a move will provide relief to consumers. After the price of gold in the country skyrocketed which is in line with the price of gold around the world. India purchases almost all of its gold bars from abroad. And these metals are often smuggled into the country to avoid tariffs.

Hareesh V, head of commodities at Geojit Financial Services, said the reduction in customs duties could result in a fall in gold prices in the country and could increase demand.

Shares of leading jewelry maker Titan Co. jumped 7.2%, their biggest daily gain since July 2565, while shares of Kalyan Jewelers India Ltd. rose 6.1%, while shares of Senco Gold Ltd. and PC Jeweler Ltd. rose 12% and 5%, respectively.

The government also lowered the import duty on silver from 15% to 6%, while the duty on platinum and palladium was reduced to 6.4% from 15.4%.

refer : bloomberg.com

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