Gold import duty hike inflates prices, raises smuggling risk: Gem & Jewellery Export Promotion Council

The Gem and Jewellery Export Promotion Council has urged the government to discuss ways to control gold imports. They state that increasing import duties only raises prices and does not reduce imports. Higher duties also encourage smuggling and increase export costs. The council suggests promoting lower-carat gold jewellery and reviving the Gold Monetisation Scheme to address these issues.