Colin Shah, vice chairman, Gem and Jewellery Export Promotion Council (GJEPC), on Friday said he is expecting a reduction in import duty on gold and the government will formulate a comprehensive policy for the yellow metal in this interim budget.

"We have been promised and assured on several occasions that there will be a reduction in the gold duty and a gold policy. So we are hoping that the NITI Aayog really puts in place a comprehensive gold policy," Shah said.

"We are really hoping that this budget will give us some relief and some positivity for 2019," he said.