GUWAHATI: Finance Minister Nirmala Sitharaman during the Union Budget on July 23 proposed that the customs duty on gold and silver will be reduced to 6%, while the duty on platinum will be set at 6.4%.
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This strategic move aims to enhance domestic value addition in gold and precious metal jewellery, bolstering the country's jewellery sector and making it more competitive globally.
The reduction in customs duty is expected to lower the costs for jewellers, stimulate local manufacturing, and potentially increase exports of high-quality jewellery from India.
