Decline in import tariff rate on gold and silver; rise registered in gold prices in India!

gold-silverThis sure makes a good piece of news for the jewelry lovers, as now they can get the gold and silver jewelry imported hassle-freely at less tariff changes. The India government surprised many when it announced cutting the import tariff value on gold and silver, considering the instability in the worldwide prices. In easy way, tariff value is the base price, and the custom duty on the goods is decided keeping the import tariff value in mind, to put off under-invoicing. Every two weeks the tariff value is adjusted after scrutinizing the global price trend.

Few days back the tariff rate on imported gold was US $407 per ten grams, and on silver it was US $663 per kg. Now till the fortnight the tariff rate on gold and silver is US $404 per ten grams and US $635 per kg, respectively. The announcement was made by the Central Board of Excise and Customs (CBEC) via an official release on Tuesday. As globally the gold and silver market is low, so the metals’ prices continued to remain down.

Despite gold being the second largest import item after petroleum, its import may go downhill noting the government’s steps which are taken to limit consignments to tackle the high current account shortage. Meanwhile, talking domestically, a rise is seen in gold price, and the credit could be given to the ongoing marriage season. Not only gold, but even silver prices increased. However, looking at the global trend, it is expected that as soon as the marriage season comes to an end, the decline in price may follow.

That way it won’t be wrong to suggest that you must keep your resources ready so that you could also take advantage of the falling gold and silver prices by splurging on the jewelry in coming days. Looking at the trend of statement jewelry, you can collect the bold silver and gold jewelry pieces like statement necklaces, bracelets, rings, etc. However, you prefer to keep it simple then opt for traditional gold jewelry as it never goes out of style and it good from investment point of view as well.

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