Gems and Jewellery industry demands reduction in custom duty to boost exports

Mumbai/ New Delhi, June, 11 (KNN) Government should reduce custom duty on gold to boost the industry and exports."Then at least we can cope up with the smuggling issues which affects the businessmen immensely," India Bullion and Jewellers Association of India (IBJAI) told KNN.

The Gems and Jewellery (G&J) exports have been hit by global slowdown thereby putting at risk livelihood of over 30 lakh people employed by the sector across India.

Ketan Shroff, Spokesperson, IBJAI said, "We are being hurt in many ways like currency volatility. Gold is also sold in the rural areas and due to some drought situation sale of gold has gone down drastically."

He urged the government to extend incentives like interest subvention, Merchandise Exports from India Scheme (MEIS) and others to promote gems and jewellery exports.

“It can boost the exports also because there is no demand in the domestic market now,” he added.

The industry body ASSOCHAM has also urged the Government to promote exports of Gems and Jewellery and provide facilities like interest subvention and MEIS. (KNN Bureau)