World Gold Council Urges Stability in Gold Import Duty Ahead of Budget 2025

29-01-2025 01:50 PM

The World Gold Council has emphasized the importance of maintaining stable gold import duties in the upcoming Union Budget 2025. Last year’s 9% reduction in import duties significantly curbed smuggling and strengthened the organized market. Any reversal or hike in duties may lead to higher domestic gold prices, increased smuggling, and a setback for the industry. Industry stakeholders advocate for progressive policies to sustain the positive momentum in India’s gold market.

Commodity prices, including gold, may face volatility as import duty policy changes impact market sentiment.

Budget Expectations for the Gold Industry:

1. Maintain stable or reduced import duties to curb smuggling and stabilize official channels.

2. Introduce measures encouraging domestic gold production and retail growth.

3. Foster policies enhancing gold's role in economic development and employment generation.

4. Provide incentives for innovative practices and technology adoption in the gold market.

Courtesy : AOJ Desk News

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