The gems and jewellery industry has sought zero duty and open general license (OGL) on gold imports in the forthcoming Union Budget.
Introduction of OGL would allow jewelers to import gold at a much lower cost, thus, opening varied opportunities for the jewellry industry.
"The recession is receding and new hopes for the gems and jewellery sector are arising. The Government should allow gold imports under open general license (OGL) by any member of the All India Gems and Jewellery Development Council (the nodal official quasi Government body) having a certain annual revenue-earning or greater than Rs 50-crore," said Mr. C. Vinod Hayagriv, Chairman, All India Gems & Jewellery Trade Federation.
Introduction of OGL would allow jewelers to import gold at a much lower cost, thus, opening varied opportunities for the jewellry industry.
