Mumbai, Feb. 1 -- Gems and jewellery industry on Saturday welcomed the government's move to reduce the basic customs duty on platinum findings and slashing of jewellery duty in the Union Budget 2025-26.
Gem and Jewellery Export Promotion Council (GJEPC) chairman Vipul Shah said the council welcomes the proposal of creating new tariff items in Chapter 71 so as to distinguish precious metals containing 99.9 per cent or more by weight of silver, containing 99.5 per cent or more by weight of gold, containing 99 per cent or more by weight of platinum under headings 7106, 7108 and 7110, respectively.
The move aligns with the representation made by GJEPC for addressing the issue of classification of alloys of platinum, which was invariably leading to claim of unwarranted customs duty exemptions for the import of platinum under the India-UAE CEPA (Comprehensive Economic Partnership Agreement), he said.
Published by HT Digital Content Services with permission from Millennium Post.