The National Gem and Jewellery Authority says with the introduction of a 15% tax on the value of imported Gold, in future 18 karat Gold will be introduced for 22 karat Gold.
Due to the new tax, a pound of 22 karat Gold has risen by Rs. 6,000 while a pound of 24 karat Gold has risen by Rs. 7,000 in the local market.
The jewellery businessmen point out this situation has affected their business.
As a solution, National Gem and Jewellery Authority is mooting to introduce 18 karat Gold.