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Below The Pre Budget Quote on Bullion Industry By Ms. Renisha Chainani, Research Head, Augmont

“The bullion industry seeks to reduce import duty on gold and silver from 6% to 3% to enhance export competitiveness, though a further cut seems unlikely. Gold refiners are pushing for an increased duty difference between dore and refined gold (currently just 0.65%) to encourage domestic refining. The industry also advocates for a single regulator for the Bullion Industry to streamline supervision and improve market transparency.

The IIBX has seen rapid growth, and stakeholders seek a 0.5% import benefit via IIBX and recognition as a Jewellery Export Centre to boost India’s gold trade. With over 12 Crore digital gold investors, a regulatory framework is needed to ensure consumer protection, prevent fraud, and promote digital gold as a secure investment. These measures aim to strengthen India’s position in the global bullion market while fostering domestic refining and digital gold adoption.”

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