SPEAKER AT DUBAI PRECIOUS METALS CONFERENCE 2013

Dubai Multi Commodities Centre - Government of Dubai, has taken an initiative of organizing a Conference with Foretell Business Solutions: Dubai Precious Metals Conference.

Theme of the conference: Enhancing the Global Precious Metals Supply Chain

I am glad to be a part of this conference. I will be providing insights on the topic: Gold consumption giants; opportunities linking the UAE with China, India and the U.S.
1. How can the UAE strengthen its ties with India?
2. What does it take to serve the Chinese markets?
3. Going west; can Dubai explore the third largest consumption hub?    

Time & date of my Speech: 11:15 am – 12:00 noon, 7th April, 2013.
Venue: Almas Conference Centre, Almas Tower, Jumeirah Lakes Towers, Dubai      
Looking forward to see you there!                                        

For further info. kindly check: http://www.dpmc.ae/index.html

“The primary purpose of this blog by Prithviraj Kothari - MD, RSBL, is to educate the masses of the current happenings in the Bullion world.”

- Previous blog -

"0.1% VAT increase on precious metals"

http://riddisiddhibullionsltd.blogspot.in/2013/03/01-vat-increase-on-precious-metals.html

0.1% VAT INCREASE ON PRECIOUS METALS

-By Mr. Prithviraj Kothari, MD, RSBL (RiddiSiddhi Bullions Ltd.)

The Maharashtra government will raise the value added tax on gold, silver, other precious metals, diamonds, and jewellery to 1.1% from 1.0% earlier, State Finance Minister Ajit Pawar said today in his budget for 2013-14 (Apr-Mar). 

The government is planning to implement GST and LBT by the end of this year. If this actually takes place, then I feel there was no such requirement for this step. The hike will directly have an effect on imports. Gold price in Maharashtra will become costlier by INR 6,000 per kg(inclusive of Octroi and additional VAT) when compared to other states. This additional cost will definitely reduce the demand for gold in Mumbai and will have a negative impact on the gem and Jewellery sector. 

Mumbai is the hub for jewelry manufacturers. All machine chain bangles are made in Mumbai  along with hand made jewellery which is made in rest of Maharashtra. This additional VAT will compel manufacturers to shift their base to other states. Hence the rate of unemployment will rise. If this tax was levied all over India, then it wouldn't have made much a difference. But since it is levied only in Maharshtra, gold here will become more expensive than other states and people will prefer to buy from other centers. We have already witnessed a shift of silver business to other states. Levy of this extra VAT will also move gold business away from Maharashtra.  It will create a major impact not only on demand but also the workers especially the small business units. The government has to take some initiative to protect the interests of workers and the entire bullion industry.

“The primary purpose of this blog by Prithviraj Kothari - MD, RSBL, is to educate the masses of the current happenings in the Bullion world.”


- Previous blog -

"Investors being loyal to gold"

http://riddisiddhibullionsltd.blogspot.in/2013/03/investors-being-loyal-to-gold.html