Cry for gold import duty cut, EMI plan demand to up sales

Kolkata: All India Gem and Jewellery Domestic Council (GJC) on Monday sought reintroduction of EMI scheme to facilitate the purchase of gold jewellery for the common people at a time when prices of gold have soared up.

"The Central government should allow the finance companies to come up with EMI facilities for gold purchase. If such facilities are available for purchase of television, washing machine, refrigerator and similar products then why not for purchase of gold?," questioned Shaankar Sen, Vice-Chairman, All India Gem and Jewellery Domestic Council. The GJC has also demanded immediate rollback of import duty of gold from 12.5 percent to 10 per cent and immediate implementation of a comprehensive integrated gold policy to save the gem and jewellery business. Altogether 55 lakh labourers are engaged in the jewellery business and the livelihood of their dependents have been suffering because of 'wrong policy' on the part of the Centre, alleged a member of GJC.

"The import duty of 12.5 percent combined with GST of 3 percent has made gold jewellery costlier thereby negatively impacting consumer sentiment leading to postponement of purchase decisions. The lack of demand in the gem and jewellery has resulted in many craftsmen and artisans being out of work and shifting to other businesses," the GJC member said. "We recommend reduction of GST in this sector to 1 percent instead of 3 percent as lower tax will result in generating more revenue to the Central and state government," Sen said.