MUMBAI: The duty cut on gold imports—from 15 to 6 per cent in the latest Budget—has not only delighted customers but also brought significant relief to gold retailers. However, since the duty reduction, showrooms are witnessing a massive influx of customers, with sales already soaring by 35-40 per cent nationwide. Over the past three years, gold prices have surged by over 40 per cent, with a 20 per cent increase since April 2024 alone. S Abdul Nazar, director of the All-India Gems & Jewellery Domestic Council (GJC), highlighted the benefits of the duty cut beyond customers, predicting a sharp decline in smuggling. Srikumar Krishnamurthy, senior vice-president & co-group head of corporate ratings at Icra Ratings, expressed optimism about the positive impact of the duty cut on gold retailers' volumes for the current fiscal year.

Source: Indian Express July 29, 2024 00:31 UTC