Budget 2024 Wishlist: Gem & Jewellery Sector Urges For Duty Cuts On Gold, Cut & Polished Diamonds

Budget 2024 Expectations: In anticipation of the Union Budget, the Gem and Jewellery Export Promotion Council (GJEPC) is urging the government to decrease the import duty on gold and cut and polished diamonds. This move is aimed at enhancing the global competitiveness of the sector. The gem and jewellery sector in India relies on imported raw materials such as gold, diamonds, silver, and coloured gemstones. According to a report by news agency PTI, the GJEPC is advocating for a decrease in import duty on precious metals to 4 percent, down from the existing 15 percent. Additionally, it is urging a…