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The price of Gold has been higher during 2011 and 2012. This has had a negative impact on the jewelry sales in India.
In current budget, the FM has proposed that excise duty on unbranded precious jewellery would go up from 10 per cent to 12 per cent.
In addition, customs duty on standard gold and platinum was also doubled to 4 per cent. Custom duty was doubled in recent times.
In 2011, the gold prices witnessed highly volatile trading.
In 2012, the expected gold prices are in range of Rs 25000 - Rs 30000 per 10 grams.