Union Budget 2012: Gold and jewellery set to lose sheen

Business

oi-Sunil

By Sunil Fernandes

Published: Saturday, March 17, 2012, 11:55 [IST]

Pranab Mukherjee in his budgetary recommendations has doubled the import duty on standard gold from 2 to 4% and for non-standard gold from 5% to 10%.

Unbranded gold jewellery will now attract a 1% excise duty, placing it in the same bracket as branded jewellery.

Unbranded jewellery is now set to get more expensive as the budgetary proposals set in. Already Indian families are saddled with high gold prices in the last few years, as lot of money has poured into the precious metal in the last few years.

Gold is considered a safe haven by Indians and now they have to cough up even more, for their favourite precious metal.

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