“Import duty reduction on gold and silver from 12.5% to 7.5% is a step in the right direction and will boost the diamonds, gems and jewellery sector. As a result of this cut, prices of precious metals will fall, which in turn will spur demand and footfalls into the retail/online stores. As we did not see any drastic increase in taxes, the demand for precious diamonds, gems and jewellery will continue to be strong among consumers. Overall, the budget announcement for the sector has struck an optimistic chord in the new year.”
