The bullion industry seeks to reduce import duty on gold and silver from 6% to 3% to enhance export competitiveness, though a further cut seems unlikely. Gold refiners are pushing for an increased duty difference between dore and refined gold (currently just 0.65%) to encourage domestic refining. The industry also advocates for a single regulator for the Bullion Industry to streamline supervision and improve market transparency.
The IIBX has seen rapid growth, and stakeholders seek a 0.5% import benefit via IIBX and recognition as a Jewellery Export Centre to boost India`s gold trade. With over 12 Crore digital gold investors, a regulatory framework is needed to ensure consumer protection, prevent fraud, and promote digital gold as a secure investment. These measures aim to strengthen India`s position in the global bullion market while fostering domestic refining and digital gold adoption.
Ms. Renisha Chainani, Research Head, Augmont