Customs Duty On Gold: Customs duty on gold and silver slashed for glittering weddings | Guwahati News

Guwahati: Cut in Customs duty on gold and silver made buyers and sellers happy in light of the approaching wedding season in Assam that begins in October and continues till April. Prime Minister Narendra Modi-led govt, in its first Union budget of the third term, reduced Customs duties on gold and silver from 15% to 6% and on platinum from 15.4% to 6.4%. This move is being seen as a significant boost to the jewellery sector.Jewellers in Guwahati are particularly optimistic about the impact of this decision on their business. Biswajit Chakraborty, a renowned jeweller in the city, praised the decision, especially given the challenging times faced during and after the Covid-19 pandemic.“The decision to cut down Customs duties on the precious metals is a welcoming decision as this will help in reviving the jewellery sector, which faced a difficult time during the COVID-19 pandemic and post-pandemic period,” Chakraborty said. He added that 22k gold price per gram in Guwahati was around Rs 4,800 at the beginning of 2022 and had risen to Rs 6,495 by Tuesday, significantly affecting the jewellery business.An employee of a leading jewellery shop said, “Business of gold and silver jewelleries was satisfactory even though the metals saw a surge in prices. An increase in sales with the slash in Customs duties, which has come ahead of the wedding season here, is now expected,” the employee said.Nalini Sarma, a retired employee of Guwahati Medical College and Hospital, who is preparing for his daughter’s wedding in January, expressed his relief. “The decision of the govt on gold and silver has given him relief. It will also help many other parents like me. Rising prices of everything, right from essential commodities to medicine, have already burnt a hole in the pockets of common people. At least, people will dare to buy some jewellery now,” Sarma said.

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