Budget 2024: Jewellery to become cheaper as customs duty on Gold and Silver slashed – Times of India
There is exciting news for those planning to buy jewellery for weddings and other special occasions. One of the most significant announcements in the Union Budget 2024 is the reduction of customs duties on gold and silver, which is expected to help bring down the currently high prices of these precious metals.Finance Minister Nirmala Sitharaman announced that the customs duties on gold and silver will be reduced from 15% to 6%.Additionally, the customs duty on platinum will be lowered to 6.4%.Industry experts predict that this measure may lead to a short-term decrease in jewellery prices. However, they also caution that in the long run, it could potentially widen the trade deficit and further weaken the rupee.Here are some industry reactions:“The government’s move to reduce the custom d...