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Jewellers plan meet to tackle import duty of gold



Updated On - Monday, 26 August 2013

18 August 2013

MARGAO: With the import duty on gold on the rise, Goa gold dealers association (GGDA) plans to convene a meeting shortly to discuss the future course of action. Jewellers based in Goa said that the Union government's decision to raise import duty on gold will create a huge uncertainty for the future of jewelry trade in the state.

There are around 250 jewellers, besides the thousand goldsmiths in Goa whose income is directly and indirectly related to jewellery manufacturing. Speaking to STOI on Saturday, managing director of Ulhas jewellers, Vikram Verlekar, said, "As major banks in India have stopped selling of gold bars and coins, it had been difficult for small time manufactures to cater to the demand of gold jewellery. If this situation continues for a longer period, it will be difficult to carry business."

Jewellers explained that the central government took such a decision as it is concerned about correcting the current account deficit (CAD) as the amount of gold import, which is around 900 to 1,000 tons per year, is the highest in the world.

GGDA also plans on meeting the chief minister and MPs to find a solution to the problem of Goa facing a shortage of supply of gold bullions to be used for making jewellery.

Published by: The Times Of India

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