India's gold demand surges:Recent reduction in import duty has sparked a significant increase in gold purchases. Domestic gold prices fluctuate:Prices have dropped due to lower import duty but remain elevated year-to-date due to global factors. Investment in gold ETFs grows:Tax benefits and incre...
To counter the surge, theFinance Ministryhad already increased the import duties on the jewellery category of gold and silver findings, including clasps, hooks, pins, clamps and screws. Such findings now attract an import duty of 15%, up from the previous 11%....
After falling sharply after the import duty cut, the gold price in rupees stabilized and largely moved in tandem with the international price. Gold was up 3.9 percent in rupee terms in August. Despite the August price gains, the domestic gold price remains about 2 percent lower than it was ...
The yellow metal import value stood at $3.3 billion in March 2023 as compared to $1 billion in the year-ago period. Silver imports, however, surged 6.12% to $5.29 billion in the year-ago period. Experts have cited high import duty for the dip in imports of gold. India, being the ...
As we reported recently,policy shifts announced by the Indian governmentin its Union Budget earlier this year will likely have a positive impact on the country’s gold market. These include a reduction in the gold import duty, some regulatory changes, and income-boosting welfare schemes for rural...
In its request to the Finance Ministry, the Gem & Jewellery Export Promotion Council (GJEPC) demanded that the import duty on gold, silver and platinum be reduced from current levels to 4%. Vipul Shah, chairman, GJEPC noted that the high import duty on gold is draining off the capital fr...
Cut duty on gold imports, PMK tells CentrePress Trust of India
India'sbudget changesinclude reducing the import duty on gold, silver, and platinum, with the levy on gold falling from 15% to 6%, and improving the holding time to qualify for long-term capital gains and long-term capital gains tax. The holding period was cut from three years to two ye...
India is also giving Indian consumers an incentive to buy. Its July Union Budget slashed gold import duty from 15% to 6%. As we approach the late October festive season, the World Gold Council estimates India to register incremental consumer demand of at least 50t for the rest of this year...
Another major factor is thecurrency exchange rate, particularly the value of the Indian Rupee against the US Dollar. A weaker Rupee makes gold more expensive in local terms, leading to increased prices. Additionally, theGovernment’s import dutyon gold affects its cost; higher duties generally lea...