Page 19 - Bullion World Volume 04 Issue 08 August 2023

Bullion World | Volume 3 | Issue 8 | August 2023

2. Benefit provided to lower income agreements with many under
earning countries – Government developed countries, in which Recently the Government of India
has entered in to agreements the import of jewellery from said has made the amendment in the
with many under developed countries attracts 0% custom Import Policy, i.e., Import of Gold or
countries in the last year, in duty. Again in this case, how will Gold articles at 0% from the under
which the import from said Indian refinery survive if the raw developed countries has been
countries attracts 0% custom material (Dore) and the finished stopped. We are warmly welcoming
duty. Which has again created product (jewellery) has a 15% this decision of the Government. It
the difference between Imported differential. 0% import duty on will definitely help the Indian Refinery
Gold Dore at full duty & imported jewellery against 14.35% on to survive and there will be uniform
Gold Dore at 0% duty. Dore price of Gold across the India.

3. Effect of CEPA between India 5. Overhead Cost: India has a
and UAE- The recent agreement substantial refining capacity After taking the above steps by
between India – UAE, Gold Bar for gold, and it is one of the Government of India, Jewellery
imported from UAE attracts a largest consumers of gold in the Import from Indonesia has also been
1% discount in Custom Duty. world. The country has several stopped which was at 0% import
Currently the difference in duty gold refineries that process duty. It’s a good sign for our industry.
between Imported Gold & Dore raw gold into pure gold bars or Currently the Import duty on Gold
Bar is only 0.65%, and in this coins. Duty differential between Bar is 15% and whereas duty on
scenario, if the Government Imported Gold & Gold Dore Dore Bar is 14.35% i.e., difference
allows discount of 1% under is only 0.65% since last many of 0.65%. If this difference of 0.65%
CEPA, then how will the refining years, but the other cost such increase to 1.65% then only we
industry remain viable and as Refining, Interest, Overhead, can survive and produce more
survive domestically? Administrative expenses has
4. Import of Jewellery from been increasing tremendously in goods under MAKE IN INDIA. Indian
refinery capacity is more than 1500
under Developed countries - last few years, but whereas the tonnes per year
Government has entered into profit remains the same. So it’s
difficult to survive.

Parker Precious Metals LLP Refining industry should look
was established on 23rd March forward for developing new
2018 under the Limited Liability inventions and products in PGM
Partnership Act, 2008 by family metals, since Indian market is
members of Parker Multi Group developing at a large scale and
and Parker Bullion Both the Groups various requirements of the same
earned an enviable reputation are arising in defence industry, Auto
in the Indian bullion market and catalyst industry and oil industries.
playing a key role in the import/
trading of Gold and Silver and Gold and Silver but they are trying to
export of hallmarked jewellery, It is explore various opportunities
a new age establishment combining beyond it.
technical and market experience
Mr Haresh Acharya with long-sighted vision which aims The Dore procurement done
to become the de-facto benchmark by Indian Refiners from African
for the Indian gold market with and Latin American countries is
professionally driven management harmful and thus we should try to
that meets the most explore various ways of procuring
responsible gold for the Refining
According to our view, Refining is Sector. Indian refiners should try to
emerging as a well developing sector develop new products such that they
in the Indian market. The refining are useful for this sectors such that
industry is now not only confined to the imports from China, Japan, US
and UK are curtailed to some extent.

19