Bullion trade, artisans to suffer due to gold duty hike: Shiromani Akali Dal

Strong concern has been expressed by leaders of the Shiromani Akali Dal over the Central Government’s decision to increase customs duty on gold from 6 per cent to 15 per cent, stating that the move could severely impact the bullion industry, traders, artisans and the common public.

In a joint press statement issued in Phagwara, Shiromani Akali Dal Trade Wing District President Sukhbir Singh Kinra and Industry Wing District President Harvinder Singh Lovely Walia said that gold prices are already witnessing a steep rise and the additional customs duty will further increase the financial burden on consumers and jewellers.

The leaders stated that gold in India is not merely a luxury item but holds deep religious, social and cultural significance. They said families across the country traditionally purchase gold during weddings, festivals and other special occasions according to their financial capacity, while many also consider it a secure form of future investment.

Kinra said that the hike in customs duty would make gold more expensive, thereby reducing purchasing capacity among the public and adversely affecting the bullion trade. He pointed out that thousands of families in Punjab and across the country are directly or indirectly dependent on the bullion industry for their livelihood, including small jewellers, goldsmiths, artisans, designers and labourers.

He warned that a decline in demand for gold would not only affect traders but would also seriously impact the economic condition of those associated with the sector, especially the goldsmith community.

Walia urged the Central Government to reconsider and withdraw the increased customs duty on gold in the larger interest of traders and the general public. He also appealed to the government to take effective measures to control the prices of essential commodities and provide relief to people facing rising inflation.

He further stated that if the issue is not addressed promptly, resentment among the trading community could intensify. Expressing hope for a positive outcome, Walia said the government should review the decision keeping public interest and the concerns of the business community in mind.