Letter: The export board of gems and jewelry (GJEPC) has made many demands including shortcut duties on gold, cut and polished diamonds, valuable and semi-valuable gemstones; Towards the Union budget for 2022-23.
APEX’s body promotes jewel and export jewelry wants to reduce deducted and polished import duty (CPD) from 7.5% to 2.5%.
It has demanded permission for the sale of rough diamonds in the Special Notification Zone (SNZ) in Mumbai in addition to allowing exporters to import 10% of the total CPD exported on Nile assignments.
“India is the 5th largest gem and jewelry exporters, contributing 5.8% of global exports of US $ 629.06 billion.
India emerged as a potential global leader in the export of jewelry because the mere collection of talents and the expertise of this country has developed more than a few decades hard work, “said Chairman of the GJEC Colin Shah.” Post Pandemi, it has become a new start to the industry and we will reach the target of US $ 41 billion as stipulated for this sector by the Prime Minister as part of the overall export target of merchandise US $ 400 billion.
We are now targeting to reach US $ 100 billion exports when India will observe the centenary of its independence, “Shah added.
“To achieve this goal, we have made several suggestions for the Workers Government.
This will not only help the Indian diamond industry to stay as the largest diamond diamond manufacturer in the world but will also help us to become the largest diamond trade center,” he said.
According to GJEPC, if sales are permitted from SNZ, at least 20% of rough diamond trade will shift there and the government will be able to collect additional taxes of US $ 3.48 million.
At present, only see coarse diamonds are permitted in Snz and no sales are permitted.
GJEPC also demanded reduction in import duties on precious metals such as gold, silver, platinum from 7.5% to 4%.
‘Gold import duty, cut & polished diamonds’
