Pune: Gems and jewellery dealers welcomed the government's initiative to formulate a comprehensive gold policy to develop gold as an asset class.
They said the initiative has paved the way for transparency and better services to the common man.
Saurabh Gadgil, Chairman of PNG Jewellers, welcomed the budget proposal in the gems and jewellery sector. He said, "This will bring clarity and stability in the sector. So far, we only have a record of how much gold is being imported but now, it will account domestic business of gold as well. Moreover, this will lead to the formation of a new ministry for gems and jewellery, as around 30-40 lakh people work in this sector. Hence, this sector needs to be organised soon."
"Also, we expect demand for gold, silver and precious metals to increase," added Gadgil.
Pramod Agarwal, Chairman, Gems and Jewellery Export Promotion Council (GJEPC), said, "We will continue to seek a reduction in the basic import duty on gold, silver and precious metals. It is good that the government will also establish a consumer-friendly and trade-efficient system of regulated gold exchanges in the country. The gold monetisation scheme will be revamped to enable people to open a hassle-free gold deposit account."
Nitin Khandelwal, Chairman, All India Gems and Jewellery Trade Federation (GJF), said, "The proposed comprehensive gold policy, the gold spot exchange and the gold deposit account will be very beneficial for the industry. We welcome the reduction in corporate tax to 25 per cent for companies with a turnover of over Rs 250 crore."