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5% slash in customs duty could trigger dip in gold, silver prices
Dubai - India, which had raised the duty from 10 per cent to 12.5 per cent in July 2019, imports bulk of its gold and silver requirements.
Reuters
India’s Finance Minister Nirmala Sitharaman has announced that the Narendra Modi government would cut customs duty on gold and silver jewelleries and goods from 12.5 per cent to 7.5 per cent.
India, which had raised the duty from 10 per cent to 12.5 per cent in July 2019, imports bulk of its gold and silver requirements.
In her budget 2021 proposals, Sitharaman said prices of precious metals have risen sharply and the government would like to rationalise customs duty on gold and silver.
On MCX, gold futures dipped three per cent, or about Rs1,500, per 10 grams to Rs47,918 on Monday. However, gold prices traded 1.2 per cent higher in global markets at $1872.4 an ounce on the same day.
Though bullion industry lauded the move of the government to cut customs duty on gold and silver, the relief is likely to impact the trade and commerce in the UAE, as India is the world’s second largest gold consumer.
Anil Dhanak, chairman of Kanz Jewels, said: “With the latest budget announced today, the cut in custom duty of gold and silver will now stand at 7.5 per cent which is significantly lower than the current rate. As a result, the difference of price in gold between the UAE and India will now narrow down. The impact, however, would be quite minimal on the ground level as the negative effect of this would be nullified when more visitors will be willing to buy jewellery from the UAE on a lower custom and duty rate when they fly back home. We can expect greater compliance in both bullion and retail gold trade which would be greatly beneficial for India at this stage.”
— joydeep@khaleejtimes.com
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