Union Commerce Minister Advocates Heavier Mangalsutras After Gold Duty Cut

Union Commerce Minister Piyush Goyal announced that the reduction in gold import duties will make it easier for women to purchase heavier mangalsutras. At an event by Malabar Gold and Diamonds, he highlighted the business growth following the duty cut and emphasized the role of the Gold and Jewellery Export Promotion Council in promoting tourism and education initiatives.

Union Commerce Minister Piyush Goyal announced on Friday that the recent reduction in gold import duties will alleviate any difficulties women may have faced in buying mangalsutras. Speaking at an event organized by Malabar Gold and Diamonds, Minister Goyal noted that the reduction has led to a surge in business and allows women to purchase heavier mangalsutras.

The Finance Minister's decision to reduce customs duty on gold from 15 percent to 6 percent has driven this growth, satisfying longstanding demands from within the gold industry for lower duties. Goyal also urged the Gold and Jewellery Export Promotion Council to leverage jeweller outlets abroad to promote Indian tourism, which he emphasized would benefit both the country and the gold sector.

Additionally, at the Malabar event which announced scholarships for over 21,000 female students, Goyal encouraged the industry to work on collective initiatives such as girls' education to propel India toward becoming a developed nation. He also praised Malabar's commitment to corporate social responsibility, noting that the company's contributions could exceed Rs 100 crore this year.

(With inputs from agencies.)