ID:
1563060444700790900
Sun, 2019-07-14 02:26
Buying gold from the GCC countries, Singapore and Malaysia will now be cheaper when compared to buying gold from India, according to Malabar Group Executive Director Abdul Salam KP. Here’s why:
•The additional import duty for gold announced in India’s Union Budget 2019 will hurt the domestic gold and jewelry market and promote illegal gold trade, which is detrimental to the economy.
•While the new duty structure affects the Indian jewelry industry negatively, jewelry business in the neighboring markets will benefit because of this duty hike.
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