Gold industry seeks 'One Nation, One Rate', beginning from East India

The gold jewellery industry is advocating a 'One Nation, One Rate' policy, starting with a unified rate for Eastern India from August, 2024.

All stakeholders have shown interest in the idea of a unified gold rate across the country, said Samar Kr De, President of the Swarna Silpa Bachao Committee."We will begin with a single rate for Bengal and eastern India from August and have onboarded bullion sellers for this initiative," De said. 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.

Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC), said, "The idea is to create a level playing field for all stakeholders and prevent undercutting."

Industry players said that the sharp duty cut will help eliminate illegal imports."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.

For more Updates Do follow us on Social Media

Facebook Page https://bit.ly/3blw5Rg

Instagram https://bit.ly/3MsRHbP

YouTube https://bit.ly/3LjGj2L

Twitter https://bit.ly/3E9IO5U

Linkedin https://bit.ly/3M17Xlk

WhatsApp Group https://bit.ly/JewelBuzz13