No Assurance from India on Easing Gold Curbs

Mumbai: A delegation of diamond traders and representatives of Gems and Jewellery Export Promotion Council (GJEPC) met the Union Finance Minister, Arun Jaitley recently, demanding relaxation in various rules relating to gems and jewellery industry.

The Finance Minister, however, remained reluctant to give any assurance on the existing gold import’s 80-20 rule, which allows only nominated agencies to import gold on the condition that 20 per cent of the imported shipment will be exported.

According to Vipul Shah, chairman, GJEPC, “The Finance Minister didn’t give any assurance to look into the Gold import issue. According to him, any change in that would create adverse impact on the Rupee. Hence, we did not get any positive response from him on this.”

With expectations running high from the first budget of the Narendra Modi government at the Centre, the gems and jewellery industry is now on tenterhooks.