Indian jewellery industry welcomes withdrawal of 80:20 gold import scheme
The Dollar Business Bureau According to the World Bank, international prices of gold are down around 9.6% from 2013 and are expected to decline around 2% in 2015 Representatives of the jewellery industry in India have said that while the withdrawal of the 80:20 import scheme for gold has come as a surprise, it will help in improving transparency and prevent smuggling of gold into the country. The Gem & Jewellery Export Promotion Council (GJEPC), which had requested the government to review the scheme last week, has said, “The jewellery industry views the withdrawal of the 80:20 Scheme as a positive step.” However, it added that importers are unsure about the new procedures. It is expected that the government will ...
