India raises import duties on gold, other precious metals
India has raised the import duties on gold and other precious metals to 12.5% from 10%, Finance Minister Nirmala Sitharaman said in her first federal budget speech on Friday, which may boost smuggling in the…
From the Energy Metal News archive. This article dates from Jul 5, 2019 and is preserved as first published.
India has raised the import duties on gold and other precious metals to 12.5% from 10%, Finance Minister Nirmala Sitharaman said in her first federal budget speech on Friday, which may boost smuggling in the world’s second-biggest bullion consumer.
Shares of jewellery makers such as Titan and PC Jeweller fell as much as 5% after the announcement.
Shares of jewellery makers such as Titan and PC Jeweller fell as much as 5% after the announcement.
Jewellery trade associations have asked India’s government to reduce gold import duties, which has caused a surge in smuggling.
India, which vies with China as the world’s top gold consumer, raised import taxes on the metal to 10% in a series of hikes to August 2013 as policymakers attempted to narrow a gaping current account deficit and arrest a decline in the rupee.
