India’s gold jewellery demand is likely to fall by 5 per cent to 550 tonnes this fiscal, mainly due to the hike in customs duty, according to a report.
Rating agency Crisil on Wednesday said the hike in customs duty on gold by 5 per cent to 12.5 per cent on June 30 is likely to result in flat revenue growth for gold jewellery retailers in the current financial year compared to the exceptional demand witnessed in the year-ago period.
Retailers will have to pass on the hike to customers, which will curtail demand and wean away discretionary buyers, it added. According to the report, the customs duty hike is likely to lead to higher gold prices for end consumers and may curtail demand in terms of volume, which is likely to fall by 5 per cent this fiscal to 550 tonnes. In the year-ago period, the same stood at 580 tonnes.
After the pandemic-led disruptions abated in the first quarter of last fiscal, pent-up demand and an import duty cut of 5 per cent in February 2021, had triggered a sharp rebound in sales, which continued into the first quarter of this fiscal.
Next Story :
After Abhishek Banerjee, Another TMC MP Attacked In Bengal
Kolkata/Hyderabad, May 31 (Maxim News): After the results of the Assembly Elections, a series of attacks on Trinamool Congress (TMC) leaders continues in West Bengal. The series of attacks on TMC leaders is causing a stir. The day after the attack on party leader and Mamata Banerjee’s nephew Abhishek Banerjee, another TMC MP was attacked…
NLC India, Reliance To Explore Underground Lignite Gasification Project In Gujarat
NLC India and Reliance Industries will jointly assess an underground lignite gasification project in Gujarat to boost domestic fuel production.
BRS Cadres Stage Protest In Mancherial Over Balka Suman Arrest
BRS cadres staged protests across Mancherial district after the arrest of Balka Suman, alleging political vendetta by the Telangana government.
Revanth Reddy, Mahesh Goud Meet Mallikarjun Kharge In Hyderabad
Telangana CM Revanth Reddy, Deputy CM Bhatti Vikramarka and TPCC chief Mahesh Goud met Congress president Mallikarjun Kharge in Hyderabad.
BJP Alleges Mamata Pressured Hospital To Admit Abhishek Banerjee
BJP alleged Mamata Banerjee pressured a Kolkata hospital to admit Abhishek Banerjee despite medical reports stating admission was not required.
Now you can get latest stories from Indtoday on Telegram everyday. Click the link to subscribe. Click to follow Indtoday Facebook page and Twitter and on Instagram. For all the latest Hyderabad News updates
