Other precious metals like platinum and palladium will become cheaper.
A large number of commonly used items, including refrigerators, air conditioners, LED lights and mobile phones, will become more expensive due to a hike in customs duty on imported parts, as proposed by Finance Minister Nirmala Sitharaman in the Union Budget for 2021-22.
However, gold and silver will become cheaper as a result of rationalisation in customs duty on imports of these precious metals.
Imported items that will become costlier are compressors for refrigerators and air conditioners; LED lamps; parts and spares such as printed circuit board; raw silk and cotton; solar inverters and lanterns; automobile parts such as safety and toughened glass; windscreen wipers; signalling equipment; mobile phone parts such as printed circuit board assembly, camera module, connectors, back cover, side keys, charger components; inputs or raw materials for lithium-ion batteries; ink cartridges and ink spray nozzles; finished leather products; nylon fibre and yarn; plastic builder wares and cut and polished synthetic stones, including cubic zirconia.
Imported items that will become cheaper are gold and gold dore; silver and silver dore; other precious metals like platinum and palladium and medical devices imported by international organisations and diplomatic missions.