Published
Dec 28, 2018
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Suresh Prabhu: government is working on integrated gold policy

Published
Dec 28, 2018

The government is currently working on an integrated gold policy that will promote jewellery exports and the industry at large, according to the Commerce and Industry Minister Suresh Prabhu.

An upcoming gold policy aims to increase India's gold jewellery exports - World Gold Council-Facebook


Speaking about the upcoming gold policy, Prabhu said, "We are pushing for it as we need an integrated policy. In the next few days, we will have a meeting of all concerned people to frame the policy on an expeditious basis. We are looking at all elements of gold in the policy."

The Press Trust of India asked Prabhu if the policy will cut import duty on gold as many in the industry have asked, Prabhu said, "It will also look at that side of it". 

Industry players have asked since August that import duty on gold be cut from the current rate of ten percent to four percent.

India is the largest consumer of gold in the world but so far has not created a dedicated gold policy.

Prabhu stated that the upcoming policy will tighten regulations in the industry and also tap into India’s potential to export value-added gold. This includes fine jewellery and, since discussions on the gold policy began back in February 2018, the government has vowed to help to increase fine jewellery exports.

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