Letter: In a large assistance with Diamanaaires in the Diamond Scrollation Center, the basic customs for cutting and polished diamonds (CPD) were reduced to 5% from 7.5% as part of the Union budget announcement on Tuesday.
Although this will not only make diamond jewelry cheaper, it will also provide a big boost to export in the Diamond and Manufacturing Scaling Industry.
Industrial experts feel that customs reductions on CPD will increase jewelry making.
The gem export promotion board and jewelry (GJEPC) show that CPD imports reached $ 1,015.65 million from April to December 2021.
“Reducing import duties will further help in strengthening the diamond sector,” said Colin Shah, GJEC.
“Reduction will also help jewelry manufacturers that require diamond pieces and certain sizes, which are not easily available here,” said Srk’s export chairman, Govind Dholakiya, to Ti.
The government has also announced the elimination of basic customs in diamond sawn.
“Diamond sawn is mostly imported by smaller units and termination of duties on imports will benefit them by cutting their production costs and increasing profitability,” Dholakiya added.
The cost of procuring diamonds and polished gems will also run far in increasing jewelry demand and making jewelry exporters more competitive.
Industrial players also rejoice the future e-commerce policies for the gem sector and jewelry with simplified regulations to be placed on 2022.
“It is separate, reducing customs in pearls and rhodium will also lead to the reduction in the price of functional light jewelry-class and help improve Request, “said Haresh Acharya, Director, Bullion Association and Indian Jewelry (IBJA).
However, the jewelry and bar dealers, worried about the increase in gold prices.