Gold Industry Pushes For Unified Pricing, Starting In Eastern India

7/26/2024 2:33:12 PM

(MENAFN- KNN India) New Delhi, Jul 26 (KNN)
In a move towards standardizing gold rates across India, the jewellery industry is advocating for a 'One Nation, One Rate' policy, with plans to implement a unified rate for Eastern India beginning August, according to industry officials.

Samar Kr. De, President, Swarna Silpa Bachao Committee, stated that stakeholders have expressed interest in the concept of a unified gold rate nationwide.

"We will initiate a single rate for West Bengal and eastern India from August, with bullion sellers already on board for this initiative," De elaborated.

The All India Gem and Jewellery Domestic Council (GJC) Chairman, Saiyam Mehra, explained the rationale behind the move, stating, "The aim is to establish a level playing field for all stakeholders and prevent undercutting."

Industry leaders plan to extend the 'One Gold Rate' policy across India within six months, with ongoing discussions involving major national jewellery retail chains.

This development comes in the wake of the recent Union Budget, where Finance Minister Nirmala Sitharaman reduced import duties on gold and silver from 15 per cent to 6 per cent.

The industry views this 9 per cent duty cut as unexpected but potentially beneficial in curbing illegal imports.

While the duty reduction is seen as a positive step, industry sources express uncertainty regarding potential changes to the Goods and Services Tax (GST) on gold.

The GJC has appealed to the GST Council to lower the rate on jewellery from the current 3 per cent to 1 per cent.

(KNN Bureau)

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