Page 30 - Bullion World Issue 10 February 2022_Neat

Bullion World | Issue 10 | February 2022

COMMENTS ON BUDGET 2022 special economic zones Act will
help boost the export infrastructure.
FROM THE INDUSTRY PLAYERS:- Mr Varghese Alukka (MD, Jos

Alukkas);
Mr Prithviraj Kothari (Managing rural India. We are happy with the The union budget thus time
Director-RiddiSiddhi bullions reduction in import duties of cut & is a next level Athmanirbar
limited[RSBL]) polished diamonds, sawn goods, Bharat linked with infrastructure
Union Budget 2022 failed to add pearls, colour stones. Easing out development and green
glitter to the Bullion Industry as procedures of e-commerce will energy. This was backed by
there is only a change of Custom also support small businesses continuing some credit support
duty cut on Diamonds from 7.5% and improve exports, as now even activities. In our industry, I
to 5%. Bullion Industry had a lot of the small jeweller will be able to feel that the government is
expectations from this budget from take benefit of the online portals expecting innovations and bigger
approval of setting up of Bullion for business. ECGLS scheme e-commerce entities that can bring
bank to tax breaks on income from extension till March 2023 is a big more value addition. To facilitate
the sale of old gold and on earnings sigh of relief and an increased the same, measure like simplified
from SGB’s, from the removal of outlay by 50,000 crores will help regulation for e-commerce export
CTT to the reduction of GST rate on most of the small & medium and reduction in the duty of cut/
making handcrafted jewellery and Jewellers as the majority of the polished diamonds was introduced.
job work changes and much more. industry falls under MSME.
I hope all such expectations are Dr Saurabh Gadgil(Chairman
met in the near future to develop a Mr Suvankar Sen (CEO-SENCO & Managing Director, PNG
transparent and encouraging Gold GOLD & DIAMONDS); Jewellers);
ecosystem in our country. FM’s announcement of the The budget has put a lot of
reduction in customs duty on emphasis on increasing export
Mr Surendra Mehta (National cut and polished diamond and across sectors and the same goes
Secretary – IBJA); gemstones and plan to develop a for gems and jewellery. India is a
Big relief for the gold industry as simplified regulatory framework dominant player in the gems and
there is no change in duty on gold. to facilitate the export of jewellery jewellery sector in the world and
Duty on cut and polished diamond through e-commerce are positive through the stimulus offered in this
reduced to 5% is a big relief for steps that will enable the sector budget, we are bound to increase
the jewellery sector. Jewellery to grow in the country and boost our share. Simplified regulation for
and bullion demand is not likely to exports. We look forward to its e-commerce export in the gems and
impact in the coming year as there implementation later this year. jewellery sector is a welcome move
is no budget impact on the gold The reduction in import duty too. Duty reduction to 5% in cut/
industry. on diamonds will help generate polished diamonds and gemstones
increased demand for diamond is a good move too. An increase
Mr Ashish Pethe jewellery in the market. Overall in capital expenditure by 4.1% is a
(CHAIRMAN, GJC); the focus on investment in boost to the economy. Overall this
The union budget 2022-2023 infrastructure is positive for the budget is growth-oriented and leads
is a well-balanced budget, as economy, also the review of the to growth in our GDP.
the government is focusing on
development. Though we were Source: Jewel Buzz, Spread the Buzz
expecting some action on Bullion
exchanges and a reduction in Gold ADD ON-
import duty and GST. However, this What GJEPC Proposed Budget 2022-2023
budget has the potential to uplift
the spending power of rural India Special economic zones act will
by giving them impetus through replaced with new legislation for
Govt spending. This will ultimately Extension of sunset clause in the development of enterprise
increase the rural income and SEZs and hubs. It will cover the existing
help the G&J sector since 60% industrial enclaves & enhance the
of the gold demand comes from competitiveness of export.

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