Srinagar, July 26: The gold jewellery industry has sought ‘one nation, one rate policy’ across the country, starting from Eastern India from August, officials said.
“We will begin with a single rate for Bengal and Eastern India from August, and have on boarded stakeholders for this initiative to keep rates contained,” Samar Kr De, President of the Swama Silpa Bachao Committee said.
Saiyam Mehra, Chairman All India Gem & Jewellery Domestic Council (GJC), said “The idea is to create a level playing field for all stakeholders and prevent undercutting”.
De said that they aim to extend the ‘One Gold Rate’ policy nationwide within the next six months and are in discussions with large national jewellery retail chains.
He also noted that the recent 9 per cent duty cut was unexpected by the industry.
“Gold smuggling is estimated to be 100 tonnes out of the total import of some 950 tonnes,” said Sunny Dholakia, a diamond importer.
However, there is a concern about whether the government has any other plan regarding the Goods and Services Tax (GST) concerning gold, according to industry sources.
The GJC has appealed to the GST Council to reduce the rate on jewellery from the current three per cent to one per cent.
