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MUMBAI(Scrap Monster): The World's biggest gold consumer India's customs duty on gold findings has been cut down to 4% from 10% by the government. The duty reduction will promote the jewellery exports from the country.

Small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of jewellery in place is known as gold findings. They are  imported  raw materials of the jewellery sector used to manufacture the finished precious metal jewellery for export or domestic consumption.

The import duty has been lowered  on gold bars, gold coins having gold content not below 99.5 per cent and gold findings,  other than imports of such goods through post, courier or baggage by the Central Board of Excise and Customs (CBEC).

 As gold findings forms a major portion of the value of small ornaments especially in nose pins, earrings and other types of small price sensitive articles the export duty reduction gains significance.

About 14 per cent of the total exports earnings of the country is obtained from Gems and jewellery exports. Over the last two years import duty on gold findings has been increasing.

The high duty on findings had started depicting an adverse effect on the total export of jewellery from the country according to Gem and Jewellery Export Promotion Council (GJEPC) Chairman Rajiv Jain.

The customs duty  was increased from Rs.500 to Rs.750 per 10grams in the Union Budget for 2010-11 .  The same was increased in  2012, from Rs.750 per 10 grams to 5 per cent which was subsequently increased to 10 per cent in the 2012-13 Budget.