Mr Suvankar Sen, MD & CEO, Senco Gold Ltd“Despite volatility in gold and silver prices, consumer demand in India has remained resilient, though more carefully budgeted, reaffirming gold jewellery’s enduring significance as a symbol of heritage and long-term wealth creation. With gold prices expected to remain elevated, the industry looks forward to policy measures that further enhance affordability and support demand stability.
In this context, initiatives such as regulated small-ticket EMI options for gold jewellery and a review of the current 3% GST structure could meaningfully ease consumer burden and encourage higher participation in the formal market.
We are also witnessing growing traction in old gold exchange, which now accounts for nearly 45% of transactions. Given India’s household gold holdings of close to 24,000 tonnes, continued policy focus on innovative mechanisms to mobilise physical gold can help unlock significant long-term value for the economy.
Additionally, steps that strengthen competitiveness, including a review of the current 6% import duty, along with focused vocational training for karigars, greater adoption of technology, and appropriate flexibility for SEZ units to serve domestic demand, would further reinforce the organised jewellery sector’s contribution to employment, consumption and exports.”
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