{"id":47,"date":"2026-06-20T10:28:56","date_gmt":"2026-06-20T10:28:56","guid":{"rendered":"https:\/\/demosites.royal-elementor-addons.com\/personal-blog-v2\/?p=47"},"modified":"2026-06-20T10:28:56","modified_gmt":"2026-06-20T10:28:56","slug":"buyers-throng-jewellery-stores-after-cut-in-customs-duty-on-gold","status":"publish","type":"post","link":"https:\/\/jewellersdigest.com\/?p=47","title":{"rendered":"Buyers throng jewellery stores after cut in Customs duty on gold"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"47\" class=\"elementor elementor-47\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f18ba16 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no\" data-id=\"f18ba16\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c5f7b74\" data-id=\"c5f7b74\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-80e5e96 elementor-widget elementor-widget-text-editor\" data-id=\"80e5e96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<div>Jewellers are seeing a rise in demand as buyers flock to stores to buy gold after the government cut the import tax on gold, silver, and platinum in an effort to reduce the smuggling of these precious metals. The prices of all three metals have declined, and Zaveri Bazaar \u2014 Mumbai\u2019s jewellery hub \u2014 has witnessed a 60-70 per cent increase in customer traffic.<\/div>\n<div>The government has reduced Customs duties on gold bars to 6 per cent from 15 per cent; gold dore now only attracts a 5.35 per cent Customs duty, while silver bars have a Customs duty rate of 6 per cent, and silver dore has a rate of 5.35 per cent. This has caused the prices of gold and silver to correct across the country.<\/div>\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n<div>The same trend has been observed in Delhi, where jewellers, who saw hardly any walk-ins before the Union Budget, have now experienced at least a 50 per cent increase in store footfall.<\/div>\n<div>\u201cCustomers are coming in; if they aren\u2019t buying, they are at least visiting the stores, which was not the case before the Budget,\u201d said Yogesh Singhal, chairman of the Bullion and Jewellers Association based in Delhi, to Business Standard.<\/div>\n<div>He added that customers are now buying jewellery for the wedding season, which will start in October.<\/div>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-99347bb elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no\" data-id=\"99347bb\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-6fa074e\" data-id=\"6fa074e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f2d2560 elementor-widget elementor-widget-image\" data-id=\"f2d2560\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/staging-nicktesting.kinsta.cloud\/wp-content\/uploads\/2022\/03\/Page-1.png\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8fdd762 elementor-widget elementor-widget-text-editor\" data-id=\"8fdd762\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"MainStory_strydsc__P6kfv strydsc\">The government has reduced custom duties on gold bars to 6% from 15%<\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-b98dc4f elementor-widget elementor-widget-text-editor\" data-id=\"b98dc4f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<div>&#8220;Customers typically buy jewellery a couple of months before the wedding while they are preparing for the upcoming celebrations,\u201d Singhal added.<\/div>\n<div>\u00a0<\/div>\n<div>In Mumbai\u2019s Zaveri Bazaar, Kumar Jain, spokesperson for the India Bullion and Jewellers Association, also noted, \u201cWalk-ins have gone up by 60\u201370 per cent in Mumbai as customers are coming in to buy jewellery ahead of the wedding season and also for investment.\u201d<\/div>\n<div>\u00a0<\/div>\n<div>Jewellery chain Kalyan Jewellers has also seen an increase in the number of enquiries following the cut in duty rates.<\/div>\n<div>\u201cFollowing the implementation of the revised gold prices, we have observed a substantial increase in customer enquiries regarding the price of gold and our seasonal offers,\u201d said Ramesh Kalyanaraman, executive director at Kalyan Jewellers.<\/div>\n<div>\u00a0<\/div>\n<div>\u201cThis surge in interest reflects positive consumer sentiment towards gold, which has been India\u2019s most preferred investment option. Although we have not observed a major uptick in walk-ins until midday, we are confident that the price change will drive jewellery demand going forward.\u201d<\/div>\n<div>On the Budget announcement, Kalyanaraman said the new tax regime, with its focus on increased disposable income, will boost demand for jewellery as consumers will invest in asset creation.<\/div>\n<div>\u00a0<\/div>\n<div>\u201cRationalising Customs duty on precious metals, particularly gold, is a welcome move, considering the significant arbitrage in gold prices that existed,\u201d said Ajoy Chawla, chief executive officer of the jewellery division at Titan Company.<\/div>\n<div>\u201cHopefully, this will reduce informal and unofficial gold inflows into the country and also provide much-needed relief on gold rates to Indian customers just ahead of the forthcoming festival and wedding seasons. Tanishq has lined up exciting new collections, promotional offers, and regional festival campaigns this quarter to further stimulate consumer demand,\u201d Chawla added.<\/div>\n<p class=\"wp-block-paragraph\"><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Jewellers are seeing a rise in demand as buyers flock to stores to buy gold after the government cut the import tax on gold, silver, and platinum in an effort to reduce the smuggling of these precious metals.<\/p>\n","protected":false},"author":1,"featured_media":773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-47","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin 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