PUNE: With the increase in customs duty, jewellers expect an increase in the prices of gold and other precious material. A section of the society fears that the increase in price will give rise to the illegal supply of gold in the market. In the budget, the government on Friday proposed to increase import duty on gold and precious metals from 10 per cent to 12.5 per cent.
“The increase in customs duty on import of gold may affect short term sentiments on gold buying, and lead to an increase in the illegal supply of gold,” said Chairman and Managing Director, Kalyan Jewellers TS Kalyanaraman.
