Friday, 7 June 2013

Wall Street Journal: India's Jewelers Seek Rollback of Gold Import Tax

NEW DELHI—India's jewelry industry is seeking an immediate rollback by the government of an import tax on refined gold to its previous level following a sharp rise in production costs for thousands of small jewelers, a senior industry executive said Friday.

"We are with the government on the need to reduce the current account deficit, but not at the cost of damaging the industry," Haresh Soni, chairman of the All India Gems & Jewellery Trade Federation, told The Wall Street Journal.

Mr. Soni said industry representatives plan to meet Finance Minister P. Chidambaram next week, as the profit margins of thousands of small jewelers are under pressure.

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