Published
Dec 22, 2020
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GJEPC and Finance Minister meet online to discuss upcoming budget

Published
Dec 22, 2020

The Gem and Jewellery Export Promotion Council held an online meeting with Union Finance Minister Nirmala Sitharaman to ask her to reduce import duty on cut and polished diamonds in the upcoming 2021 budget.

The GJEPC has asked the government to grant the gem and jewellery sector more favourable customs rates in the 2021 budget - Diamond Producers Association- Facebook


“India is known for its Gems and jewellery and is respected across the world for its skill and craftsmanship,” said GJEPC chairman Colin Shah, the GJEPC reported on its website.

“Today, India is the fifth largest exporter of gem and jewellery and it has a huge potential to scale to new heights with the continued support from the government. To make the industry more competitive and generate more jobs in the sector, we urge the government to take few immediate measures.”

Shah thanked the government for its support during the pandemic but urged Sitharaman to give the industry more favourable duty rates in the upcoming budget. At the meeting, the traders’ body requested a reduction of import duty on precious metals gold, silver, and platinum from 12.5% to 4%. The GJEPC argued that this will make India more competitive in the international gem and jewellery market. 
 
“Over the last few years, the import duty of cut and polished diamonds which has increased from 2.5% to 7.5%, is impacting our dream of manufacturing and trading centre, or being a serious alternative to Antwerp, Hong Kong as lot of shift is happening specially in the last couple of years, leading to loss of business and jobs, and alternate manufacturing centres are being developed,” said Shah.

“We urge the government to reduce the import duty from 7.5% to 2.5%.”
 

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