Finance Minister Nirmala Sitharaman announced a significant reduction in customs duties on gold, silver, and platinum in her Budget for 2024-25, aiming to address long-standing demands from the gems and jewellery industry.

In her budget speech, Sitharaman proposed lowering the basic customs duty on gold and silver to 6 percent, and on platinum to 6.4 percent. This reduction is expected to benefit the jewelry sector and make precious metals more accessible to consumers.

Additionally, the budget outlines the removal of basic customs duty on ferronickel and blister copper, which are essential raw materials for various industries. However, the duty on specified telecom equipment will be increased from 10 percent to 15 percent, reflecting a shift in the government’s approach to managing the sector’s import costs.

The reduction in customs duties on gold and silver has been a key request from the gems and jewellery industry, which has been advocating for such measures to stimulate growth and competitiveness. The changes are anticipated to positively impact the industry, potentially lowering production costs and retail prices.

Overall, Sitharaman’s proposals are part of a broader strategy to streamline trade policies and support domestic industries, while also adjusting duties to address specific economic needs and sectoral demands.