Updated January 23rd, 2024 at 14:42 IST
This move comes as part of the government’s efforts to regulate and manage the import of precious metals and related materials.
Import duty hike on precious metals | Image:JewelrySupply.com
Gold, silver findings: The Ministry of Finance has announced a hike in import duties on gold and silver findings, as well as coins of precious metals, raising the rates from the existing 10 per cent to 15 per cent.
Effective January 22, the new import duty on gold and silver findings and coins of precious metals will now stand at 15 per cent, encompassing a Basic Custom Duty (BCD) of 10 per cent and 5 per cent of Agriculture Infrastructure Development Cess (AIDC), as per an official notification. Notably, this is exempt from the Social Welfare Surcharge (SWC).
The term “gold or silver findings” refers to small components, such as hooks, pins, or screws, which play a crucial role in holding together the entirety or a part of a piece of jewellery.
In addition to this, the Finance Ministry has also raised the import duty on spent catalysts containing precious metals. The revised duty now stands at 14.35 per cent, comprising a 10 per cent Basic Custom Duty (BCD) and 4.35 per cent AIDC (Agriculture Infrastructure Development Cess), with an exemption from the Social Welfare Surcharge (SWS).
This move comes as part of the government’s efforts to regulate and manage the import of precious metals and related materials. The increased duties are expected to have implications for businesses and consumers involved in the jewellery and precious metal sectors.
The Finance Ministry’s decision reflects a broader economic strategy, aligning import duties with current economic conditions and priorities. Industry stakeholders and market analysts are closely observing the impact of these changes on the jewellery and precious metals market, including potential shifts in pricing and market dynamics.
(With PTI inputs.)