ASSOCHAM seeks government intervention for betterment of Jewellery industry

Industry body ASSOCHAM National Council on Gems & Jewellery said today we should form a gold council which would have representation from both the industries as well as government so that any new gold policy which is announced should be in consultation with the industry so there are no more conflicts.

While addressing the meeting Mayank Khemka, Managing Director of Khemka Group of Companies said that the government accepted industries suggestions of gold monetization scheme and gold bond schemes which has already seen moderate success and will go a long way in reducing import of gold and thus saving valuable foreign exchange and will improve our CAD (Current Account Deficit) but the scheme should be more modified to effectively market the concept to the end users.

Khemka also suggested that in order to promote export of gold Jewellery MAT (Minimum Alternate Tax) should be removed from SEZ (Special Economic Zone). This will make India a major manufacturing and export hub of the world for gold jewellery. He also said that interest subvention scheme to should be extended.

Nominated agencies to be allowed to import dore for value addition. Also the norms for import of gold dore especially the need to have a mining certificate should be relaxed and gold dore should allowed to be imported from multinational bullion banks and LBMA certified refiners and aggregators, adds the ASSOCHAM.