India announced an increase in the import duty on gold and silver jewelry from 10% to 15%. This measure is designed to protect the local industry, and despite this, it will lead to a rise in the cost of jewelry for consumers.
The official statement says: "In order to protect the interests of small jewelers, the customs duty on jewelry consisting of gold or silver or with gold or silver content rises from 10% to 15%."
The government stated that it was necessary to keep the difference in the rates of the import duty on jewelry and primary metals in order to protect the interests of the millions of small artisans who depend on this labor-intensive industry. August 13, India raised the duty on imports of gold to 10%. If the rates of duties are not different, then "there is a fear that Indian jewelry manufacturers will not be able to compete with cheaper imported goods, especially given the fact that India is dominated by handmade jewelry, while imported jewelry - manufactured goods ", The statement says.