Gold Demand Surges in J&K Following Import Duty Reduction

Srinagar, July 29 – Gold sales in Jammu and Kashmir have surged dramatically after the government’s recent decision to slash import duties on precious metals.

The lively markets of Srinagar and Jammu districts are bustling with increased activity as customers rush to capitalize on the reduced prices. This spike in consumer interest comes in the wake of Finance Minister Nirmala Sitharaman’s announcement in the Union Budget earlier this year. The budget included significant cuts in import duties on precious metals: gold and silver bars saw a reduction from 15% to 6%, gold and silver dore from 14.35% to 5.35%, and platinum from 15.4% to 6%. These policy changes have led to a considerable drop in gold prices, boosting purchasing power and stimulating demand.

Local jewellers report a substantial rise in foot traffic and sales. “We’ve seen a surge in customers since the announcement. People are eager to buy now that the prices have dropped,” said Mohmad Ashraf, a jeweller in Srinagar. “This is the best time to invest in gold. The reduced rates are a significant incentive for both new buyers and regular customers.”

In Jammu, the response has been equally enthusiastic. Sharma, owner of a jewellery store, noted, “Our sales have doubled compared to last year. Customers are very responsive to the lower prices, and we expect this trend to continue as long as the reduced duties remain in place.”

Customers have also expressed their satisfaction with the new rates. “I’ve been planning to buy gold for my daughter’s wedding, and this duty cut has made it much more affordable,” said Shabir Ahmed, a resident of Srinagar. “The timing couldn’t have been better for us.” (KNS)