According to industry experts, the decision could lead to increase in smuggling of the yellow metal in the country. : The gems and jewellery exporters on July 6 expressed disappointment over significant increase in the import duty on gold and other precious metals saying the move would result in shifting of businesses to neighbouring countries. Gems and Jewellery Export Promotion Council (GJEPC) Chairman Pramod Agrawal said: "We as an industry are greatly disappointed with the increase of import duty on precious metal, gold and silver".