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Below the Quote on Budget 2024 expectation quote from M. P. Ahammed, Chairman, Malabar Gold & Diamonds

"The organized jewelry retail segment is growing at a steady pace, thanks to regulatory reforms such as the mandatory hallmarking of gold jewelry and GST. However, to unlock the potential of the organized jewelry retail segment, the budget needs to propose a reduction in the import duty on gold. A higher gold import duty is detrimental to the growth of the organized jewelry retail sector, as it indirectly promotes gold smuggling and unauthorized grey market transactions. The budget also needs to propose measures to control unaccounted business practices by implementing effective tax compliance and transparency mechanisms. The interim budget should also propose measures to create a broader pathway for growth for the organized jewelry retail segment.

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