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Curbs on gold import will have an adverse impact on the employment scenario in West Bengal since artisans of the State have been the backbone of the jewellery industry in the country, the All India Gems & Jewellery Trade Federation (GJF) said.
According to Bachhraj Bamalwa, Past Chairman, GJF, the control measures had affected the industry hard. Import duty on gold currently stands at 8 per cent, up from the 1 per cent levy in January 2012. The Government hiked the levy in several stages in the intervening period.
The Federation estimates that over one crore artisans from the State are part of this key sector.
“The curb in gold import was pushing the prices further and also encouraging smuggling, black marketing, hoarding and panic-buying of the yellow metal in India,” Bamalwa claimed at a press conference here on Thursday.
Recommendations
Blaming lack of policy framework, Bamalwa said the Centre has asked banks, nominated agencies and star trading houses not to import gold on a “consignment basis for domestic sales”.
One of the recommendations made by the federation includes encouragement to unlock gold held by households by introducing a “disclosure scheme” as well as introducing “gold loan” facilities. An estimated 250,000 tonnes of gold might be locked in Indian households, GJF claimed.
Other recommendations include increasing the hand baggage limit of carrying gold to 10 kg from the existing one kg; abolition of sale of gold bars and coins by banks and post-offices, among others.
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