The increased import duty of gold jewellery from 10% to 15% has made local jewellery manufacturers in the city happy. Traders are now expecting a curb on re-routing of jewellery from Thailand and Dubai and a level playing field for domestic manufacturers.
The move has come after demand from several jewellery traders including from Rajasthan to increase import duty in the interest of local manufacturers. The ministry in its statement noted that Indian jewellery makers was finding it hard to compete with cheaper imports.
"Jewellery-making is a labour intensive industry. There is an apprehension that Indian jewellery makers would not be able to compete with cheaper imports, particularly when majority of the imported jewellery is machine-made as compared to hand-made jewellery in India," said an official release of the ministry.
The higher import duty would also be applicable on goldsmiths' and silversmiths' wares and would protect the interests of small artisans. Most of the jewellery that is imported into India comes from Italy, Turkey, Dubai, Thailand, Hong Kong and the United States.
Sarafa traders committee (STC), Jaipur was demanding revise in duties, the same tax rate on raw gold as well as on the articles of jewellery.
"We welcome this step which has send a positive message in the market. It will not only protect small artisans form Rajasthan but will also stop re-routing of gold jewellery," said Ashish Meghraj, spokesperson, STC.
Jaipur is a major hub of gold manufacturing as well as exports in the country. The exports of gold jewellery are estimated at around Rs 400 crore while silver is close to Rs 600 crore.
For the buyers the good news is that import duty will not make the jewellery expensive. The move has nothing to do with the cost of gold jewellery in the market. It will only protect the domestic industry from foreign jewellery makers," said Arun Garg, a Jaipur-based jewellery exporter.
Source:- timesofindia.indiatimes.com
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