Assocham pins hope on FTP for gold sector

Disappointed with the Union budget retaining customs duty on gold, the jewellery sector, one of the top contributors to the country's export basket, is now pinning its hopes on the Foreign Trade Policy.
The industry was also expecting the import duty on gold to come down, so that correspondingly smuggling of the metal would also come down, Assocham chairman of National Council of Gems and Jewellery, Shankar Sen, said.
Besides, all duties on import of precious, semi-precious and diamonds in cut & polished shape should be abolished as these are all vital raw material for jewellery making, Sen said in a release.

"The sector, which employs lakhs of people in designing, making and retailing of jewellery, is also apprehensive of the requirement of quoting PAN card for every purchase of gold jewellery of over Rs 1 lakh," Sen said adding this was un-workable, especially in rural and semi-urban areas.
Ahead of the Foreign Trade Policy announcement, there was need for special jewellery parks in line with SEZs in different parts of the country, an Assocham release said.
A large number of city jewellers were on one-day token strike over PAN card mandatory requirement.