Customs duty cut could boost platinum jewellery sales by 18-20%: Platinum Guild International

Vaishali Banerjee, MD of India at Platinum Guild International, expects a boost in platinum jewellery sales in the coming season and beyond, anticipating at least 18-20% growth

Mumbai: Finance minister Nirmala Sitharaman, in her Union Budget 2024-25 speech on July 23, announced significant reductions in basic customs duties on gold, silver, and platinum. The duty on gold and silver will be cut to 6%, while the duty on platinum will be reduced to 6.4%. 

Vaishali Banerjee, MD of India at Platinum Guild International, believes this reduction in customs duty will enable the industry to progress and grow. She highlighted that while there is already robust demand in the industry, the reduced duties will act as a catalyst for further growth. 

Banerjee expects a boost in platinum jewellery sales in the coming season and beyond, anticipating at least 18-20% growth. Typically, platinum jewellery demand grows at 15-20% year-on-year (YoY) at the fabrication level, with slightly higher growth at the retail level. She believes this announcement will make platinum more accessible, further driving demand. 

According to Banerjee, the reduction in duties will increase the footprint of platinum jewellery, creating more opportunities for employment and fostering sustainable growth in the future. 
 
Retail Jeweller India News