Gold sales in Jammu and Kashmir have seen a significant boost following the government’s decision to slash import duties on precious metals.
The vibrant markets of Srinagar and Jammu districts are experiencing heightened activity as customers flock to take advantage of the reduced rates.
In the Union Budget announced earlier this year, Finance Minister Nirmala Sitharaman proposed substantial cuts in the import duties on gold and silver bars from 15% to 6%, on gold and silver dore from 14.35% to 5.35%, and on platinum from 15.4% to 6%. This policy change has led to a notable drop in gold prices, stimulating increased consumer interest and purchasing power.
Local jewellers report a marked increase in foot traffic and sales. “We’ve seen a surge in customers since the announcement. People are eager to buy now that the prices have dropped,” said Mohmad Ashraf, a jeweller in Srinagar.
“This is the best time to invest in gold. The reduced rates are a significant incentive for both new buyers and regular customers.”
In Jammu, the response has been equally enthusiastic. Sharma, owner of a jewellery store, noted, “Our sales have doubled compared to last year. Customers are very responsive to the lower prices, and we expect this trend to continue as long as the reduced duties remain in place.”
News agency KNS reported that customers also expressed their satisfaction with the new rates. “I’ve been planning to buy gold for my daughter’s wedding, and this duty cut has made it much more affordable,” said Shabir Ahmed, a resident of Srinagar. “The timing couldn’t have been better for us.”(KNS)
