If you are going to gift gold, silver or platinum to your wife or girlfriend, then know how much the price will decrease after the budget

If you are thinking of gifting gold, silver or platinum jewellery to your wife, girlfriend or someone close to you, then this news is very useful for you. Actually, gold, silver and platinum jewellery are going to become cheaper soon. Finance Minister Nirmala Sitharaman has announced in the general budget on Tuesday that the custom duty on gold and silver will be reduced from 15 to 6 percent, while the custom duty on platinum will be reduced from 15.4 to 6.4. With this announcement of the government, these gold, silver and platinum jewellery will soon become cheaper.

Finance Minister Sitharaman said in the Budget 2024 speech, ‘To increase domestic value addition in gold and precious metal jewellery in the country, I propose to reduce the customs duty on gold and silver to 6 per cent and on platinum to 6.4 per cent.’

What is the announcement on gold, silver and platinum jewellery in the budget?

• Gold coins: Custom duty i.e. import duty reduced from 15% to 6%
• Gold bricks – import duty reduced from 14.35% to 5.35%
• Silver coins: Import duty reduced from 15% to 6%
• Silver bricks – import duty reduced from 14.35% to 5.35%
• Platinum, palladium, osmium, ruthenium, iridium: Import duty reduced from 15.4% to 6.4%
• Precious metal coins: Import duty reduced from 15% to 6%
• Gold/Silver Jewellery: Import duty reduced from 15% to 6%

How much will the price of gold and silver decrease

Now this discount can be understood in common language that if you buy 10 grams of 22 carat gold jewellery today, then its price is currently Rs 67,510. At present, 15 percent custom duty i.e. import duty of Rs 10,126 is attached to it. However, now Finance Minister Nirmala Sitharaman has announced to reduce the custom duty to 6 percent in the budget 2024-25. In such a situation, now this gold will cost around Rs 62000. That is, after this budget announcement, 10 grams of gold jewellery will become cheaper by about Rs 5.

If we talk about silver, today the price of one kilogram of silver is Rs 88,983. On this also, a tax of Rs 12,000 is levied as per 15% custom duty. Now if we add 6% custom duty, then it will be cheaper by about Rs 7000. On the other hand, the price of 10 platinum is Rs 25,520 today with 15.4% import duty, which will now become cheaper by about Rs 2000.

Tags: budget session, gold price, silver price