“The government’s Digital India initiative has propelled the shift towards a cashless economy. This clubbed with multiple benefits offered by banks to credit or debit card customers, is a boon to the organized jewellery sector and is paving way towards ensuring transparency while boosting the gems and jewellery industry. Adding to this is the landmark announcement about compulsory BIS Hallmarking, which will further ensure responsible business practices while safeguarding consumer rights.
In the new budget, if the Government were to announce a reduction in import duty of gold (which is currently at 12%) or any reduction in personal income tax leading to more spending power, the growth momentum of the sector will be further accelerated.”
( T S Kalyanaraman is Chairman and Managing Director of Kalyan Jewellers)
Published 27 January 2020, 14:25 IST