look news india
Due to gold becoming cheaper, customers waiting to buy jewellery for the November-December wedding season this year have got a great opportunity. In this year's budget, the custom duty on gold was reduced from 15% to 6%. After this, the price of gold started falling, after which people waiting for jewellery to become cheaper got a big opportunity.
Jewelers are also giving offers
Jewelers have also started adopting different techniques including offers to attract customers. Jewelers have started giving discounts of 20 to 40 percent on the making charges of gold jewellery. The reason for this is the increasing inquiries of customers for jewellery, to convert which into sales they are giving these offers. Jewelers are giving these offers to finish their old stock quickly.
Gold is available at Dubai price!
After the reduction in import duty, the prices of gold in Dubai and India have become almost equal. Jewelers are trying to attract customers by giving attractive slogans like buy gold at Dubai prices. Due to the cheapness of gold, the number of customers has increased by 60 percent.
Apart from the offers, the possible GST hike is being used to bring customers to the stores. Jewelers say that the government may increase the current GST rate on gold and silver from 3 per cent to 9 to 10 per cent to make up for the reduction in customs duty on gold and silver. Experts are also saying that the GST rate will be increased from 3 to 5 per cent.
Gold smuggling will stop!
The biggest benefit of the reduction in customs duty on gold will be in curbing its smuggling. In recent times, there has been a huge increase in gold smuggling in the country. Industry people believe that a huge cut in duty will help eliminate illegal imports. Traders believe that about 15 percent of the country's gold reaches the market through smuggling, but now it will stop because after the reduction in import duty, there will be no benefit in buying gold through smuggling.
