GJEPC warns gold duty hike to 10% will lift prices, stoke smuggling and strand MSME exporter liquidity
Jewellery council flags that doubling gold import duty to 10% plus agri cess to 5% locks up ₹28-30 lakh per kg in Bank Guarantees, squeezing MSMEs who form 80% of its base. Urges push for 18K/14K lines (could cut imports 20-30%), revived Gold Monetisation Scheme, and curbs on bars/coins demand.
GJEPC warns the gold import duty hike to 10% plus higher agri cess will raise prices, fuel smuggling and squeeze MSME exporters' liquidity. It proposes promoting 18K/14K jewellery, reviving Gold Monetisation Scheme, and curbing investment-gold demand.