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Indian Jewelry Trade Body Wants Gov't Gold Reforms

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An Indian jewelry industry trade association has penned a letter addressed to the government, requesting that it roll back some recent changes and implement others with respect to the import of gold, Rough and Polished reports. The All India Gems and Jewelry Trade Federation called upon Indian Finance Minister Palaniappan Chidambaram to lower the import duty on gold to just 5%. Over the past year, India has raised the import duty on gold three times, with the most recent increase coming two months ago and jacking the rate up from 10% to 15%.

The letter also noted that ramping up the import duty on gold has led to an unfortunate side effect: gold smuggling in the country has ballooned. The GJF also complained about the small number of conveniently located custom bonded warehouses in the country, which also reduces their ability to procure the precious metal, according to Rough and Polished. The GJF letter appealed to the government to bring back the SBLC scheme, which allowed Indian traders to purchase gold on credit.


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