Signific duty on jewellery hiked to 15

The finance ministry has raised the import duty on silver and gold jewellery to 15 per cent in a move to protect the domestic industry and curb the precious metal imports, a main fuel for the soaring trade and current account cuts.

The us Pandora Clips govenment last revised the levy in january 2012, if ever the import duty was set at 8 per cent for gold jewellery and 4 per cent for silver jewellery.

Continue month, the fund ministry had raised the import duty on gold, silver and american platinum eagle to curb imports.Duty on primary gold and platinum grew up to 10 per cent from 8 per cent, and on primary silver to 10 % from 6 %.The duty hike had an Pandora Canada Bracelets effect, with gold imports decreasing to worth $650 million in august against $2.20 million in July.

Jewellers had feared that cheaper imports will http://www.madmoose.ca/pandora/pandora-bracelets.html hit local manufacturers, and threaten the living of some 10 million artisans.

In order to pti, india brought in gold jewellery worth $5.04 thousand in 2012 13.For that april june quarter of 2013 14, imports totalled $112 million.

Even without the any duty differential between jewellery and the primary metal, indian manufacturers will be unable to compete with cheaper imports, especially as most of the imported jewellery is bulk manufactured compared http://www.madmoose.ca/ to handmade indian jewellery.
 

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