Union Budget 2024 | 'Proposed reduction in customs duties on gold, silver, platinum will enhance sales,' says De Beers Forevermark Managing Director

'The implementation of safe harbor rates for the diamond-cutting industry, for foreign mining companies selling rough diamonds in India, will stimulate growth, boost consumer spending, and increase global competitiveness,' he further added.

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on July 23, 2024. Ahead of the Union Budget 2024 presentation, news emerged that Prime Minister Narendra Modi may face troubles this time, to accommodate the wishes of his alliance partners JD(U) chief Nitish Kumar and TDP supremo Chandrababu Naidu.

The Union Budget for FY25 on Tuesday unveiled big-ticket measures for Bihar, proposing a total outlay of over Rs 60,000 crore for various projects, including funding for three expressways, a power plant, heritage corridors and new airports and sports infrastructure.

Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said.

Here's what De Beers Forevermark Managing Director Amit Pratihari said about the Budget:

“The Gems and Jewellery sector has made significant contributions to India’s GDP, and we appreciate the announcements made in the Union Budget for this sector. The proposed reduction in customs duties to 6% on gold and silver, and 6.5% on platinum, will enhance sales by making these precious metals more affordable. The implementation of safe harbor rates for the diamond-cutting industry, for foreign mining companies selling rough diamonds in India, will stimulate growth, boost consumer spending, and increase global competitiveness. Furthermore, the reduction of TDS from 1% to 0.1% for e-commerce operators will substantially support the industry's expansion. These new measures will not only strengthen the valued investment of Indian households in diamonds but also add to their emotional significance."

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.