Jewellery sector expresses disappointment with Union Budget

Tags: News
The gems and jewellery industry which had sought reduction in the gold import duty as well as abolition of the stringent "80:20 norms", expressed its disappointment with Union Budget here today.

"The entire industry was waiting for a positive turn of events but was let down by the government in its maiden budget," All India Gems and Jewellery Federation (GJF) Chairman Haresh Soni said.

The Union Finance Minister has ignored the plight of the trade despite several representations and meetings by the Federation with the ministry highlighting the severe hardship faced by the industry due to restrictive policy measures of the government during last financial year, he said.

"The 80:20 rule were the biggest impediment for smooth imports and development of premiums on gold, since export relation to imports had no relevance and had built a big parallel economy.

"Bringing down customs duty would have also eliminated smuggling and removed involvement of black money," Soni said.

Since the last three years, the sector has been "bleeding" due to stringent measures adopted by the government. The industry would urge the government to end what it called "Gold Control Raj" and rescue the trade from a parallel economy and black marketing, by abolishing the 80.20 rule and reducing import duty on gold, Soni said.

Gem and Jewellery Export Promotion Council Chairman Vipul Shah said the Union Finance Ministry has maintained a "populist front", announcing various small measures and state level schemes, but that none of these promise any major impact on the gems and jewellery sector.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Need to rein in profligate promoters in low margin airline business

    With the media and industry searchlight trained hard on SpiceJet, it is easy to forget that it may be, at worst, a symptom, not the real malaise itsel

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture