National News
India Bullion and Jewellers Association Ltd. (IBJA) have proposed the following recommendations in Union Budget 2025
Recommendations (Numbered list):
- Reduction in import duty from 8% to 4%.
- Special benefit of 0.5% duty for importing gold through India International Bullion Exchange (IIBX).
- Establishing ‘GST Bonded warehouse’ where duty is to be paid at the time of clearing goods on limit of Custom Bonded warehouse.
- Creation of Electronic Gold Receipt (EGR) through GST Bonded ware-house. This will enable trading on EGR on exchanges.
- Allowing all import of gold only through IBDX.
- Allowing bullion export through IBDX.
- Setting up jewellery support centre at GIFT City for domestic traders.
- Mandatory Hallmarking for gold and silver across India for jewellery.
- Stopping import duty benefits from least developed countries (LDC) and Free Trade Area (FTA) countries and restoring the market.
- Gradually moving to 100% bullion trade through commodity exchanges only.
- Removing capital gain tax on gold jewellery and jewellery sales to boost gold monetization and reducing import.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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