All India Gem and Jewellery Domestic Council (AIGJDC) on Tuesday hailed the Union Budget, saying the reduction in the basic customs duty on gold and silver to 6 per cent and on platinum to 6.4 per cent is a commendable move by the Central government.
AIGJDC Chairman Saiyam Mehra said that this was a long-standing demand from the All India Gems and Jewellery Domestic Council, which represents the entire gems and jewellery industry.
The customs duty reduction will benefit domestic jewellery manufacturers, especially small and medium enterprises, encouraging them to transition gradually to the formal channel, Mehra said.
He said, “Finance Minister Nirmala Sitharaman has also increased the scope of working capital loans to SMEs and MSMEs, which will help these units expand their businesses in the future.”
“The extension of the direct benefit transfer scheme to the manufacturing sector, with separate salary and Employees’ Provident Fund transfers directly to the accounts of employers and employees, is a wonderful move,” he added.
AIGJDC Vice Chairman Rajesh Rokde said: “Notably, after persistent efforts from GJC, the government has reduced customs duties on precious stones. This move will provide significant relief to consumers who have been investing in alternative assets, encouraging them to return to gold investments. We are confident that household investment and savings in India will see an increase in the coming day