Page 9 - Bullion World Volume 3 Issue 2 February 2023

Bullion World | Volume 3 | Issue 2 | February 2023

Experts view on the Union Budget- 2023

Mr Prithviraj Kothari, President, India Bullion & Jewellers Association
I feel that the union budget is excellent for growth, employment creation
and welfare of the people. It would make India stronger, coming specifically
to bullion and jewellery sector, in my understanding I feel, employment
creation and exports are the only focus areas of the government of
India. The industry should take the message seriously and work with the
government closely on these two agenda.

Higher customs duty on gold and silver would put further strain on the
viability of trading business and to some extent on jewellery manufacturing,
as more capital needs to be deployed. Demand for jewellery during the
current season has not picked up despite record number of marriage days.
The industry needs to find a solution.

Mr Saiyam Mehra, Chairman, GJC
We thank Honourable FM Shri Nirmala Sitharaman ji for presenting a
well-balanced Union Budget 2023-24, focused on the spirit of Amrit Kaal.
Key announcements such as Income tax- rebate extended on income up
to Rs 7 lakhs in new tax regime, increase in outlay of PM Awaas Yojana is
a big relief for the middle-income group. However, the Gems & Jewellery
Industry’s critical concerns are not addressed in the Union Budget 2023-
24. While the Research and Development grant will be provided to one of
the IITs for the development of Lab Grown Diamond seeds and machines,
the other sectors of the industry have been ignored. The reduction in Gold
Custom Duty in this Budget was our big expectation, which has severely
hampered the industry and encouraged smuggling and grey market. GJC has been actively representing
the reduction in customs duty of Gold over past many years. However, the Silver Dore Bars Custom
Duty has been brought at par with Gold and platinum in this budget. This move will adversely affect the
masses. GJC will continue to represent this important issue of the Industry. We are having a meeting
with Honourable FM on 4th February at Mumbai, in which we shall once again stress upon the important
concerns such as reduction in custom duty, EMI on Jewellery, Relief in Capital Gain tax and Gold
Monetisation Scheme etc.

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