Gold Industry Budget 2023: Gold industry wants FM Sitharaman to bring more transparency to sector in Budget 2023, Retail News, ET Retail

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Gold jewellery industry wants the Union finance minister Nirmala Sitharaman to bring more transparency and create a level playing field so that more jewellers are encouraged to be a part of an organised economy, reduce import duty and encourage exports in the upcoming Union Budget.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers said “The jewellery industry in India has the potential to be a major driver of economic growth; the sector benefits from a large and vibrant market driven by strong domestic consumption as well as seasonal demand from the visiting Indian diaspora. With evolving consumer preferences as well as introduction of various regulations such as GST implementation and mandatory hallmarking, there has been rapid formalization in India’s jewellery industry. As we look forward to the Budget, we have a huge opportunity to unlock the true potential of India’s jewellery sector and develop it to become a global leader and trade centre. We believe, with the right policies and support from the Government of India, we can further encourage the industry to become more organised. As an entity built on the principles of trust and transparency, it gives us immense pride to see widespread acceptance of fair trade practices such as BIS hallmarking, which has eventually empowered consumers across markets.

“With major infrastructural investments such as the launch of a new jewellery park in Navi Mumbai and expansion of manufacturing facilities in Surat, we are driven towards improving efficiency and bringing in innovation across the sector, through various pioneering initiatives. The formulation of an effective regulatory framework can further boost digitisation in the sector that will eventually increase transparency and accountability,” he said.

Aditya Pethe, director, WHP Jewellers “The country along with the jewellery industry is optimistically looking forward to the Union Budget 2023 with the onset of the global recession. Though the experts say India will have less to no impact from the recession, the budget will give an action plan to protect the economy from geopolitical scenarios globally. Overall, I hope the Budget brings more transparency and creates a level playing field so that more jewellers are encouraged to be a part of an organized economy, reduce import duty and encourage exports.”

Vaibhav Saraf, Director of Uttar Pradesh-based Aisshpra Gems & Jewels said “Since this is the last budget before the general elections next year, we expect this budget to be very growth-oriented and tax-friendly.

Other than tax sops across all slabs, we expect that reduction in gold import duty. In the current market where gold prices are nearing an all-time high domestically, the pricing gap between the organized and unorganized sectors has grown to over 5% and needs to be reduced drastically. Moreover, the price disparity between the domestic price and the international price is quite high due to high dollar exchange rates. Higher spending on regional development will improve jobs, reduce immigration to bigger cities and will help in the growth of smaller-town economies and simplify GST tariff structure.

Shrey Mehta, Director, Pooja Diamonds said “There is overall positivity in the market and we have experienced a very good wedding and festive season this year. The government’s reforms overall have organised and structured the industry quite a lot compared to 10 years ago. The US is expected to face the recession and we hope that the budget further safeguards the Indian economy from the impact of the global recession. Reduction of import duty is one of the crucial things that the industry is looking forward to. We also hope that there are initiatives to support and promote Indian Artistry locally and to the world.”

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