The council comprising central and state government representatives is preparing the landmark tax measure. Gold jewellery, silver and processed diamonds will also be taxed at 3 percent, while the tax on rough diamonds will be 0.25 percent, revenue secretary Hasmukh Adhia said. 71069100: Silver (Including Silver Plated With Gold Or Platinum), Unwrought Or In Semi Manufactured Forms, Or In Powder Form Other : Unwrought 71069210 : Silver (Including Silver Plated With Gold Or Platinum), Unwrought Or In Semi Manufactured Forms, Or In Powder Form Semi Manufactured : Sheets, Plates, Strips, Tubes And Pipes The demand in India averaged at 840 tonnes for the past ten years. However, with the government imposing higher GST (Goods and Service Tax), the demand is certain to see a lag on gold purchases. The GST on gold in July 2017 was 1.2%, which has been now raised to 3%.