India Bullion and Jewellers Association and other associations urges Govt for gold policy development for better future
The India Bullion and Jewellers Association (IBJA) have been conducting regular meets to discuss the issues that have been affecting the gems and jewellery business. One of the primary aims of the association is to raise their concerns regarding the existing policies that have taken a toll on the growth of the industry.
In one of the meets, President of IBJA, Mohit Kamboj said, “There are plans of joining hand with RBI to come up with new policies that will help the industry and help tackle with issues like smuggling and unfair trade practices. The plans are to make IBJA as an apex body in future for the bullion and jewellery industry.”
Recently, IBJA delegation headed by Kamboj met Rajnath Singh, President of BJP in Delhi and presented him a book containing current issues of gold industry. The trade body is trying hard to make the industry free from unfair trade practices that has occurred due to stringent gold import norms imposed by the Govt.
Apex industry body ASSOCHAM recently urged the Finance Ministry to reduce duty on imported gold to five per cent from 10 per cent to check the unprecedented surge in gold smuggling through the porous borders of Nepal and Bangladesh. Assocham Secretary-General DS Rawat said, “Gold smuggling is increasingly becoming lucrative as smuggling one kg of gold leads to net savings worth over ₹1.5 lakh through the legal channel.” Rawat urged the Government to ease the 80:20 rule which requires at least a fifth of imported gold be exported or reinstate the gold-on-lease model which allowed credit purchases of imported gold.