New Delhi: India’s Finance Minister Ms. Nirmala Sitharaman, on July 23, announced a cut in custom duty on gold and silver to 6%. Additionally, the finance minister further informed the customs duty slash on platinum to 6.4%.

“To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent,” Finance Minister said during the announcement of the Union Budget 2024.

Sending her feedback, Ms. Vaishali Banerjee, MD, India at Platinum Guild International (PGI), on the 2024 Union Budget, said, “We welcome and thank the Government for their decision to lower the custom duty on platinum to 6.4%. This will enable and encourage the platinum jewellery industry to develop and grow in both the domestic and export markets by significantly enhancing platinum’s accessibility and appeal. We anticipate that this reduction will catalyse the already growing demand, increase platinum jewellery footprint, generate employment and support a sustainable future growth.”