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Industry players are lobbying for lower import duties on gold and other precious metals in India after the government announced last week that it had raised tariffs to 12.5 percent.
The government’s decision could be detrimental to Indian exporters who stand to lose business to neighbouring countries, the Gem & Jewellery Export Promotion Council (GJEPC) warned.
The council added that it had initially sought reduction in import duties on gold and other precious metals to 4 percent from 10 percent, and to 2.5 percent from 7.5 percent for cut and polished gemstones. Taxes on polished gems remain unchanged.
Pramod Kumar Agrawal, chairman of...
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