Budget disappoints jewellery industry; fears 30% rise in grey market

ABans Group of Companies Chairman Abhishek Bansal said the increase in import duty indicates the government's move to discourage imports of physical gold and promote digital gold in the form of ETF's, gold bonds among others. "Gold demand in India may drop further, as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households," he added.

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ABans Group of Companies Chairman Abhishek Bansal said the increase in import duty indicates the government's move to discourage imports of physical gold and promote digital gold in the form of ETF's, gold bonds among others. "Gold demand in India may drop further, as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households," he added.

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ABans Group of Companies Chairman Abhishek Bansal said the increase in import duty indicates the government's move to discourage imports of physical gold and promote digital gold in the form of ETF's, gold bonds among others. "Gold demand in India may drop further, as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households," he added.

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ABans Group of Companies Chairman Abhishek Bansal said the increase in import duty indicates the government's move to discourage imports of physical gold and promote digital gold in the form of ETF's, gold bonds among others. "Gold demand in India may drop further, as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households," he added.

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Commenting on an increase in customs duty on gold and other precious metals, Abhishek Bansal, Chairman, ABans Group of Companies told Zee Business online that, "Import duty on gold has been increased from 10% to 12.5%, which indicates the government’s move to discourage imports of physical gold and promote digital gold in the form of ETF’s, Gold Bonds, etc."

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ABans Group of Companies Chairman Abhishek Bansal said the hike in import duty may lead to drop in gold demand in India further as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households.

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ABans Group of Companies Chairman Abhishek Bansal said the hike in import duty may lead to drop in gold demand in India further as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households.

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Abhishek Bansal, chairman of ABans Group of Companies, said the demand for gold in India might drop further as prices were already at multi-year highs and small pocket households would not be able to afford jewellery.

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ABans Group of Companies Chairman Abhishek Bansal said the hike in import duty may lead to drop in gold demand in India further as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households.

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ABans Group of Companies Chairman Abhishek Bansal said the hike in import duty may lead to drop in gold demand in India further as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households.

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ABans Group of Companies Chairman Abhishek Bansal said the hike in import duty may lead to drop in gold demand in India further as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households.

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ABans Group of Companies Chairman Abhishek Bansal said the increase in import duty indicates the government’s move to discourage imports of physical gold and promote digital gold in the form of ETF’s, gold bonds among others.

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Gems and jewellery : The gold import duty has been increased from 10 percent to 12.5 percent that indicates government's move to discourage import of physical gold and promote digital gold in the form of ETF, Gold Bonds, etc. Gold demand in India may drop further as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households.

Oil retailers: The government has proposed to apply an infrastructure cess and a special additional excise duty of Re 1 each per litre on petrol and diesel (effectively amounting to Rs 2 per litre), which will result in higher fuel prices to the end consumers but also contribute towards additional tax revenues for the government.

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ABans Group of Companies Chairman Abhishek Bansal said the hike in import duty may lead to drop in gold demand in India further as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households.

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ABans Group of Companies Chairman Abhishek Bansal said the hike in import duty may lead to drop in gold demand in India further as gold prices are already at multi-year highs and jewellery will become unaffordable to small pocket households.

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“If this proposal is implemented, the government may be expecting additional revenue to the tune of Rs 12,663 crore in one year,” Abhishek Bansal, chairman of ABans Group of Companies, an investment manager, wrote in a note Friday.

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“The gems and jewellery industry received a big setback,” says Abhishek Bansal, the chairman of ABans Group of Companies, a company in Mumbai that deals in commodities. “Gold demand in India may drop further, as gold prices are already at multi-year highs and jewellery will become unaffordable to small-pocket households.”

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