Gold jewellery manufacturers have said that if the central government reduces the 15 per cent duty on imports on gold to 11 per cent and 3 per cent GST to 1.5 per cent, the sovereign price will come down immediately by up to Rs 5,000 as the sale of gold jewellery has come down due to the continuous price hike.
Coimbatore: Gold jewellers have said that if the GST and import duty on gold is reduced, the price is likely to come down by up to Rs 5,000.
The price of gold is increasing day by day. Due to this, the sale of gold jewellery has reportedly been severely affected. Last week, the price of one sovereign of gold crossed the Rs 47,000 mark along with the GST.
Muthu Venkatraman, president of the Coimbatore District Gold Jewellers Association, said:
In Coimbatore district, 200 kg of gold jewellery is sold every day. Due to the continuous price hike, the daily sales are currently around 80 kg.
Currently, even in the season for special events like weddings, the sale of gold jewellery is not up to the mark. Only 4-5 customers come to the shops every day to buy jewellery.
Unable to cope with the crisis, jewellers are being forced into a situation where they resort to measures such as retrenchment. About 10,000 people have lost their jobs in coimbatore in the last two years.
If the central government reduces the 15 per cent duty on imports of gold to 11 per cent and 3 per cent GST to 1.5 per cent, the price of sovereign will come down immediately by up to Rs 5,000. The sale of gold jewellery will also be back on track.“
The price of gold is increasing day by day. Due to this, the sale of gold jewellery has reportedly been severely affected. Last week, the price of one sovereign of gold crossed the Rs 47,000 mark along with the GST.
Muthu Venkatraman, president of the Coimbatore District Gold Jewellers Association, said:
In Coimbatore district, 200 kg of gold jewellery is sold every day. Due to the continuous price hike, the daily sales are currently around 80 kg.
Currently, even in the season for special events like weddings, the sale of gold jewellery is not up to the mark. Only 4-5 customers come to the shops every day to buy jewellery.
Unable to cope with the crisis, jewellers are being forced into a situation where they resort to measures such as retrenchment. About 10,000 people have lost their jobs in coimbatore in the last two years.
If the central government reduces the 15 per cent duty on imports of gold to 11 per cent and 3 per cent GST to 1.5 per cent, the price of sovereign will come down immediately by up to Rs 5,000. The sale of gold jewellery will also be back on track.“