The proposals for gold monetising and developing an Indian gold coin are measures that will give relief to the jewellery manufacturers here.
But, the main demand of the industry to reduce Customs Duty on gold imports has not been met, according to industry representatives here.
K. Krishnamoorthy, president of Coimbatore Jewellers’ Association, said that offtake in jewellery retail outlets has slumped during the last three months. The industry’s main demands were reducing import duty to six per cent from the existing 10 per cent and liberalising gold imports. The budget does not address these.
B. Muthuvenkatraman, president of Coimbatore Jewellery Manufacturers’ Association, said that jewellery manufacturers are not covered under the norms for micro, small and medium-scale enterprises.
These units need working capital at low interest rates. Details of the budget proposals, especially on gold monetising, are expected only by Monday. “We will continue to represent our demands to the Government,” he said.
