GJEPC applauds Union Budget for FY24

By

Isabelle Crossley

Published
Feb 3, 2023

The Gem and Jewellery Export Promotion Council has applauded the Union Government’s budget for the 2024 financial year. Describing the new Union Budget as, “pro-reform and export growth-oriented”, the GJEPC thanked the government for implementing a number of its suggestions. 

“GJEPC thanks the government for accepting its recommendation to promote indigenous manufacturing in the emerging Lab-Grown Diamond sector by providing Research Grants to IIT for five years,” the GJEPC announced in a statement on its website. “GJEPC welcomes the reduction of Customs Duty on LGD seeds to zero from 5%. It will ensure India’s end-to-end world leadership in rough to finished lab-grown diamond and jewellery manufacturing.  In addition to that, government has also accepted to have clear segregation Customs (IT HS) codes for silver and platinum studded lab grown jewellery for better differentiation and identification at consumer level.”
 
The Union Budget was unveiled by Minister of Finance Nirmala Sitharaman under the leadership of Prime Minister Narendra Modi. The budget aims to increase both ease of doing business and ease of living in India as well as increase Indian exports across sectors. 

“Another positive pro-growth move is that the conversion of physical gold into digital gold will not attract capital gains tax,” announced the GJEPC. “The Rs 13.7 lakh crore investment for infrastructure by the government is a big positive step for the country. This will unleash the potential of Indian Economy.”