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Jewellery industry urges govt to reduce import duty on gold, polished diamonds

13 February 2020

 

The gems and jewellery industry on Thursday urged the government to reduce the import duty on precious metals, cut and polished diamonds and gemstones and amend taxation laws to give domestic traders a level playing field in the global market.

 

“We have been pursuing with the government constantly with few concerns which require immediate attention, like reduction in import duty on precious metals — gold, silver, platinum to 4 per cent from 12.5 per cent. Reduce import duty on cut and polished diamonds and gemstones from 7.5 per cent to 2.5 per cent,” Gem and Jewellery Export Promotion Council (GJEPC) Chairman Pramod Kumar Agrawal said.Speaking at the 13th edition of the India International Jewellery Show (IIJS), he said the industry has also been urging the government for amendment in taxation laws enabling sale of rough diamonds in Special Notified Zone (SNZ), Mumbai.

 

“This is very important to give a level playing field to our traders in the global market,” he added.

The four-day IIJS, which commenced from Thursday, is hosting more than 700 exhibitors and is expected to attract over 18,000 visitors from India and 55 countries.Agrawal also announced that GJEPC is coming up with a new show in Jaipur in Rajasthan — India Gem and Jewellery Show — to be held from April 1-3, especially for international buyers.

 

Source: https://www.financialexpress.com