In the interim budget, the import duty on gold and polished diamonds has been sought to be reduced

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Mumbai: To keep the gem and jewelery industry globally competitive, the Gem and Jewelery Export Promotion Council (GJEPC) has proposed to the government to reduce the import duty on gold and cut and polished diamonds. India's gem and jewelery industry is mostly dependent on imports for raw materials like gold, diamonds, silver and colored gemstones.

Import duty on precious metal which is currently fifteen percent has been requested to be reduced to four percent in the next budget. Apart from this, the import duty on cut and polished diamonds, which is currently five percent, has also been requested to be reduced to two and a half percent, sources in the council said.

Any increase in import duty on polished and cut gemstones will not only reduce exports of jewelery and jewelery but will also have an impact on employment. By increasing the duty, it will be difficult for India to compete against the products of countries like China and Thailand.

The reduction in import duty on diamonds will increase the competitiveness of exporters in the MSME sector in India.

Globally known diamond broking and trending houses will be allowed to operate outside Special Notified Zones, which will help in expanding their operations.

Like India, jewelery exports are currently going through challenging times as a result of the slowdown at some of the major export hubs.


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