Kerala gold merchants propose FM to set up jewellery park

Kochi, Nov 24 (KNN) Presenting an idea to set up an industrial park for the gem and jewellery sector in Kerala, the All Kerala Gold and Silver Merchants’ Association (AKGSMA) has reached out to Union Finance Minister Nirmala Sitharaman for it, reported The Hindu. 

Boosting the public revenue, the project will offer major benefits and long-term prospects, said the association. 

Representing around 7,000 members, the appeal has been highlighted in the association’s pre-Budget (2023-24) memorandum to the Union Minister.

Stating how recent regulations have only helped corporate jewellers, they said that it is also important that small jewellers remain relevant and solvent as they provide large-scale employment.

The association has also appealed to the Minister to remove restrictions on import and export of gold. 

Bringing the price of gold in the country on a par with the international market will help create an efficient transaction system, avoiding additional taxes, say S. Abdul Nazar, treasurer of the association, and K. Surendran, general secretary. 

The current restrictions on import and export have fuelled smuggling. The tax rate of 18.45% is one of the factors. (KNN Bureau)