The government on Wednesday proposed an increase in the import duty on silver dore, bars and articles with a view to promoting domestic manufacturing.
In her Budget speech, Finance Minister Nirmala Sitharaman also said that customs duties on articles made from dore and bars of gold and platinum has been increased.
"I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum," she said.
Customs Duties on dore and bars of gold and platinum were increased earlier this fiscal.
Commenting on the announcement, Founder and Managing Director of Kama Jewelry Colin Shah said that the hike in basic customs duty on articles made from gold bars and import duty on silver will lead to a rise in the final price of locally made jewellery and maybe challenging for local refineries.
He is also the former chairman of the Gem and Jewellery Export Promotion Council.
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