Aksha Kamboj, Executive Chairperson of Aspect Global Ventures and Vice President of the India Bullion & Jewellers Association (IBJA), expressed optimism about the upcoming announcements.
“The gold sector plays a vital role in India’s economy and cultural heritage,” Kamboj said. “We expect policies that enhance competitiveness, such as reducing import duties. This step can curb illegal imports and strengthen the industry.”
The gold industry is also keen on measures to support gold monetisation schemes. These initiatives aim to unlock the value of idle gold holdings and encourage formal participation.
Kamboj added that addressing barriers to trading in electronic gold receipts (EGRs) requires urgent government intervention.
Another demand is streamlining GST compliance and clarifying hallmarking norms. “These changes will strengthen the sector’s efficiency and trustworthiness,” Kamboj said.
The gold sector, a significant contributor to rural savings and employment, especially for small and medium enterprises (SMEs), seeks fiscal policies that ensure sustainability. Industry stakeholders also propose setting up jewelry export centers in GIFT City and small jewelry parks in Tier 2 cities.
“Such initiatives will boost exports and generate jobs,” Kamboj said.
In a separate development, India’s historic gold import numbers for November have been sharply revised. The total for January to November has been corrected from 796 tonnes to 664 tonnes.
This marks the largest revision for any commodity in history, government data revealed on January 8.
Industry experts had warned that the previous figures were inflated due to double counting.
