New Delhi, January 23: The government has increased import duty on gold and silver findings and coins to 15 per cent by imposing a 5 per cent Agriculture Infrastructure Development Cess (AIDC). An AIDC of 4.35 per cent has also been levied on 'spent catalyst or ash containing precious metals', said a notification of the Central Board Of Indirect Taxes & Customs (CBIC). Gem & Jewellery Sector Body Seeks Duty Cuts on Gold, Cut and Polished Diamonds

AIDC has been imposed in addition to the basic customs duty of 10 per cent with an aim to bring the incidence of import duty on precious metals at par with bullion. 'Gold or silver findings' means a small component such as hook, clasp, clamp, pin, catch, or screw back, used to hold the whole or a part of a piece of jewellery. Gold Price in 2024 Prediction in India: Gold Likely To Touch Rs 70,000 in New Year, Say Experts

The additional duty came into effect from January 22. In the 2021-22 Budget, the government had introduced AIDC cess on certain items to fund agricultural infrastructure.