The jewellery industry has welcomed the government's move to cut import duty. "Reducing import duty on gold to 7.5% is a step in the right direction and in line with the long-standing demand of the gems and jewellery industry. Higher import duty was not only indirectly promoting illegal gold transactions but also eroding government’s revenue. The import duty reduction will make trade compliance. Moreover, the government should also focus on strengthening the e-governance system to beef up the tracking mechanism of illegal transactions of gold. All in all, a transparent trade always boosts consumer confidence, this is perfect time for consumers to by gold " said Mr.prashanth ,owner pathikonda shambunatha jewellers.kotturu