Centre hikes import duty on gold, silver jewelery parts

12:00:00 AM, Wednesday 24th of January 2024 | in miscellaneous

The Finance Ministry has raised the import duty on gold and silver findings (small parts) and coins of precious metals from 11% to 15%, as per Reuters. This decision aims to prevent evasion of duties on gold and silver bars, following a recent uptick in imports of gold findings such as hooks, clasps, and other components used in jewelery crafting. The Finance Ministry has also increased the import duty on spent catalysts containing precious metals from 10.1% to 14.35%.