14th India International Gold Convention on 11-13 Aug 2017 at Grand Hyatt, Goa. Concluded Successfully...
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It is a welcome relief for gems and jewellery sector as the sector has been taken out from the ambit of PMLA. Jewelers are happy because clause 9 of PMLA rules mandated jewelers to do KYC of the customers for every transaction of Rs. 50000 and above. Jewellery is a high value item and Rs. 50,000 (about USD 770) is very small amount for carrying out KYC as customers may be reluctant to give their details. The notification had pushed the demand down especially in Tier-2 and Tier-3 cities. With festive season on, I believe demand will return to the market. However, there is an apprehension in the market that relief is temporary as Revenue Secretary reportedly said that government will soon come with a new notification on reporting transactions in all precious metals and stones above a certain value.