The Union Budget for 2012-13 launches more measures to curb the spending on gold consumption in the country, raising customs duty from 2% to 4% for gold bars and coins of certain categories, platinum and gold ore. Moreover, customs duty of 2% will be imposed on all cut and polished gemstones.%% However, on a positive note silver jewellery will now be fully exempted from excise duty. Surprisingly, unbranded precious metal jewellery will now attract excise duty of 1% on the same lines of branded jewellery. %% Recently, the India Government had raised the import duty on gold from a Rs 300 per 10 gms to 2% of the value and silver import duty was raised from Rs 1500 per kg to 6% of the value to discourage imports and enable better utilization of forex reserves.%%