MUMBAI (Reuters) - Jewellery maker Gitanjali Gems Ltd will pass on the benefits of the excise duty exemption on branded jewellery announced in the federal budget, its chairman said on Tuesday 7 July.

Jewellery from Gitanjali Gems - Photo: www.gitanjaligroup.com

"It is the consumer who will benefit by 2 percent. We will pass on the benefits," Mehul Choksi told Reuters over the telephone.

On Monday 6 July, Finance Minister Pranab Mukherjee said the government will remove a 2 percent excise duty on branded jewellery.

The firm sells its products under the Gili, Nakshatra, Asmi and D'Damas brands in India.