Post-budget 2018 Reaction Mr. Sunay Gandhi, Founder and CEO, Pristine Fire

The jewellery industry has a significant role to play in the country’s overall economy. While the customs duty on cut and polished colored gemstones and diamonds has gone up to 5%, we are looking for a positive outcome from the budget since the government has announced the formulation of a comprehensive Gold Policy to develop gold as an asset class. Gold exchange is also expected to be regulated by the federal government. The Gold Monetization Scheme will be revamped so that people can open gold deposit accounts in a hassle-free manner. These provisions are expected to promote buying and investing in gold jewellery. However the customs duty with 60 percent of gold demand coming from rural India, the budget’s focus on boosting rural and farm incomes could benefit us since Pristine Fire commits to bring the plethora of jewellery designs accessible to the patrons living in the remote corners of the country.

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