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July 23, 2024
PI Global Investments
Precious Metals

India raises import duty on gold, silver jewellery findings

The move aims to prevent circumvention of the duty on gold and silver bars, a government official said, after a surge in imports in the last two months of gold findings: hooks, clasps and other components used to make jewellery.

The official was not authorized to speak with the media and requested anonymity.

India is the world’s second biggest consumer of gold, which is supplied almost entirely through imports.

(By Nikunj Ohri and Rajendra Jadhav; Editing by Tom Hogue and Edmund Klamann)

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