“We are
working with the Government to cut down duty to 5 per cent as the
existing10 per cent duty only encourages gold smuggling from other
countries like Singapore and Dubai. The global factors, including fluctuations
in the rupee value, have contributed to the gold price variations and
this trend is likely to continue till Christmas.”
Jayanthilal Challani,
President, Madras Jewellers and Diamond Merchants Association.
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