'Customs duty hike on import will affect jewellery business'

KOZHIKODE: Introduction of two per cent customs duty on gold import by the Centre will adversely affect gold jewellery business, M P Ahamed, Chairman of Malabar Gold Private Limited, said here today.

Speaking to reporters here, he said the changes in the duty structure would see customs duty go upto Rs 60 per gram presently the duty is Rs 30.

The change would also lead to illegal gold imports and unhealthy competitions in the sector, he said.