Budget 2024: Gem & jewellery sector body seeks duty cuts on gold, cut and polished diamonds
GJEPC) have urged the government to reduce import duty on gold and cut and polished diamonds to help the sector stay competitive globally. India's gem and jewellery industry is dependent on imports for raw materials, including gold, diamonds, silver, and coloured gemstones.
The GJEPC seeks a reduction in import duty on precious metals to 4 per cent from the current 15 per cent. It demands bringing down customs duty on cut & polished diamonds to 2.5 per cent from 5 per cent at present.
The apex industry body stated that imposing higher import duty on cut and polished gemstones would lead to reduced exports, fewer employment generation in the jewellery industry thereby making survival difficult due to losing competitive edge to other competing countries like China and Thailand.
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It urged the government to introduce the Diamond Imprest Licence again and cut import duties.
This will provide a level playing field for Indian MSME diamond exporters with that of their larger peers, stop flight of investment of Indian diamantaires to diamond mining destinations and give more employment in terms of diamond assorters and processing of semi-finished diamonds in the factories, the exporter's body added.
The Council has urged the government to consider its long pending demand for the sale of rough diamonds in Special Notified Zones (SNZs) through the Safe Harbour Rule and to
