No great sheen for gold

Chennai: While the Centre has given a digital boost for the gold sector, in terms of tax relief there is nothing for the sector, said an official of World Gold Council's Indian Chapter.

"While the reduction in custom duty on gold from 12.5 per cent to 10 per cent is a step in the right direction, the hike in the Agriculture Infrastructure and Development Cess has brought the overall duty to 15 per cent, same as before," P R Somasundaram, Regional CEO, India at World Gold Council, said.

Vipul Shah, Chairman of Gem & Jewellery Export Promotion Council (GJEPC) applauds the pro-reform and export growth-oriented budget. He thanks the government for accepting its recommendation to promote indigenous manufacturing in the emerging Lab-Grown Diamond (LGD) sector by providing Research Grants to IIT for five years. He welcomes the reduction of Customs Duty on LGD seeds to zero from 5 per cent. It will ensure India's end-to-end world leadership in rough to finished lab-grown diamond and jewellery manufacturing.