Metal Focus has estimated that gold smuggling in India was around 100 tonnes in 2022, and due to a sharp rise in prices, it increased to 155 tonnes in 2023.
Imports of gold and silver at lower duty from UAE under the Comprehensive Economic Partnership Agreement (CEPA) were rising, but this duty cut will reduce the incentive for the same.
Rahul Guha, director, CRISIL Ratings, said, “Safe Harbour rates for foreign mining companies selling raw diamonds in India, import prices for diamonds will reduce, which will have a spill-over effect on polishers and exporters, reducing export and retail prices in tandem.
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