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Below the Quote on budget expectation by MP Ahammed, Chairman, Malabar Gold & Diamonds

We are optimistic about the upcoming budget and hopeful that it will address several crucial points for our sector. We urge the government to reduce import duties on precious metals, specifically gold, silver, and platinum bars. This reduction is essential to curb gold smuggling, which has seen an unprecedented increase. The duty reduction will also release the duty blockage, providing more working capital for the industry. Additionally, introducing a duty drawback on exports will help us leverage the India-UAE Comprehensive Economic Cooperation Agreement, giving industry players a competitive edge, boosting exports, and generating employment in the sector. We also recommend allowing globally recognized diamond broking and trading houses to operate in Special Notified Zones (SNZs), enhancing their scope. This move will increase our global competitiveness, unlock the untapped export potential for gold jewellery, and contribute to the growth and sustainability of the jewellery retail industry. We look forward to positive steps in this direction in the upcoming budget.

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