Sale of duty-free gold starts in Diamond City at gold distribution centre set up by the State Bank of India at its main branch in Chowk Bazaar
The sale of duty-free gold started for the first time in Surat through the State Bank of India (SBI). The gold distribution centre has been set up following a demand from the Surat Jewellery Manufacturer Association (SJMA) and with efforts of the SBI.
This will be the first duty-free gold selling centre in Gujarat. Currently, 450 jewellery manufacturing units are operating in and around the city. “Majority of the jewellery manufacturers had to purchase duty-free gold from Mumbai. We had demanded the duty-free centre,” said Jayanti Savaliya, president, SJMA.
The gold distribution centre has been set up by the SBI at its main branch in Chowk Bazaar. Eligible jewellery manufacturers will be able to buy gold from there.
“To compete in the global market, jewellery exporters need duty-free gold. Countries like Dubai do not charge duty on gold for export to promote business,” said Savaliya. With the setting up of the duty-free centre, jewellery manufacturers from the city will get a level playing field with exporters from other countries. According to SJMA, the current capacity of the gold vault is 50 kg.
Courtesy: TOI
