“The new year has begun on a gloomy note forgold jewellers. A 10% import duty along with a 1% VAT and a high premium of $125 per troy ounce have made Indian gold costlier and less attractive to non-resident Indians (NRIs) who are now buying gold jewellery from Gulf countries where sales have increased by 50%-60%. An increase in NRI purchases in West Asia has prompted Indian jewellers like Kalyan Jewellers to open shops in the region. Malabar Gold & Diamond, which is already present in the region with 32 retail showrooms, has drawn up plans to add 10 showrooms in the region this year.”
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