Gold buyers can be cheerful
Posted on: 11/Jun/2014 10:25:02 AM
Happy days are ahead for gold buyers. It is seen that the business at several shops in the city increased by 25 per cent because of the continuing dip in rates.
“In one month, business at several shops in the city increased by 25 per cent because of the continuing dip in rates,” he said. On the other hand, the jewellery industry still faces challenges such as scarcity of raw material and customs duty of 10 per cent on gold.
Members of the federation plan to meet the Union ministers of finance and consumer affairs, next week, and submit a charter of demands.It is understood that the federation is seeking a decrease in customs duty from 10 per cent to four per cent. This will bring down the cost and also reduce the scarcity of gold.
There has also been an increasing trend of tourists purchasing gold from abroad.
Members of the federation also want 20:80 gold import norms to be eased further as they have to depend on trade houses and banks, as one-fifth of imports have to be exported.
