Page 38 - Bullion World Issue 10 Volume 05 October 2025
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Bullion World | Volume 5 | Issue 10 | October 2025
B ullion W orld | V olume 5 | I ssue 10 | O ct ober 2025 IGC 2025: Where The World Meets India, Day 3 Highlights
Debate 1: Harmonise Customs Duty
Concessions Across Gold Supply Channels
Mr Neville Irani, Managing Director, Aureus Enterprises FZCO, Mr Chirag Sheth, Principal Consultant, Metals
Focus, Mr Monal Thakkar, Managing Director, Ashoka Global, Mr Amit Modak, CEO & Director, P N Gadgil &
Sons Ltd, Mr Premnath, Director, Finmet India Pvt Ltd, Mr Sanjay Banka, CFO, Senco Gold & Diamonds
Moderator: Mr Chirag Sheth, Principal Consultant, Metals Focus
Proponents (Mr Premnath & Mr Monal Thakkar) Opponents (Mr Amit Modak & Mr Neville Irani)
• Currently, multiple duty structures for • Harmonizing duties might unfairly penalize
refined gold, Dore, alloys, and findings vital sectors like electronics and refining,
distort the market and lead to price impacting employment and industry health.
discounts. • Jewellers typically price based on local
• A unified duty rate would create a level market conditions, despite duty differences,
playing field, reduce smuggling, and meaning consumers may not gain
improve transparency. immediately from harmonization.
• India’s complex duty regime, influenced • Industry challenges stem from misuse by
by Free Trade Agreements and SEZs, a few “black sheep” rather than the entire
makes maintaining different duty rates VS supply base.
economically unviable. • Prefer targeted reforms such as stricter
• A reasonable, single duty rate would enforcement, rather than blanket
boost genuine compliance, increase duty reductions or increases, to avoid
government tax revenue, and promote encouraging smuggling or damaging
fairer competition. economic stability.
Key Data & Audience Opinion:
• 2024 imports: ~795 tons, with 87% traditional and 13% alloys, surging non-traditional imports to 33% in 2025,
increasing discounts to $30-35 per ounce.
• About 64% of audience members favor aligning import duties on refined gold and dore, highlighting support
for clearer policies.
Summary:
• The debate underscores the need for ongoing dialogue, nuanced policies, and balanced enforcement to
manage industry growth, protect revenue, and address misuse.
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