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Gem and Jewellery Council Urges Government to Reconsider Gold Import Duty Hike

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New Delhi, May 13 (IANS) The Gem and Jewellery Export Promotion Council (GJEPC) on Wednesday urged the government to hold consultations with industry stakeholders after the recent hike in gold import duty, saying that higher duties do not reduce imports but instead lead to a rise in prices and encourage smuggling.In a statement, the council said that increasing import duties on gold has historically failed to curb imports, even as gold prices have nearly doubled in recent years without a proport…