India budget to boost Gem, Jewellery sector

The baggage rules permitting eligible passengers to bring jewellery into India was last amended in 1991. Gold prices have risen since, and passengers have complained of harassment.

By Dr. Suresh Surana
Finance minister's Proposal to reduce the import duty on pre-forms of precious and semi-precious stones from 10% to 2% in the Union Budget 2013-14 will provide significant relief to the gem and jewellery industry. This is a good move and will help the industry and will give boost the growth of local and international market.

The baggage rules permitting eligible passengers to bring jewellery into India was last amended in 1991. Gold prices have risen since, and passengers have complained of harassment. Hence, it is proposed to raise the duty-free limit to bring gold into India to Rs. 50,000 in the case of a male passenger and Rs. 100,000 in the case of a female passenger, subject to the usual conditions and compliances.

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