The Gems & Jewellery Export Promotion Council (GJEPC) today said it has urged the government to reduce import duty on cut and polished diamonds announced recently.
“We have urged the government to roll back import duty on cut & polished diamonds from 5 per cent to 2.5 per cent. We have also urged the government to review FTA and sign new trade agreements,” GJEPC chairman Pramod Agarwal said here after inaugurating the 5th edition of India Gem & Jewellery Machinery Expo.
“Union Minister Suresh Prabhu has also shown keen interest to support the Council’s initiatives like jewellery parks for fine jewellery and handmade jewellery. The Council will soon present a plan to make India a global manufacturing hub for the gem and jewellery business,” Agarwal said.
“We appreciate the recent Government’s initiatives like reducing GST on polished diamonds from 3 per cent to 0.25 per cent; reducing corporate tax on companies with turnover upto Rs 250 crore to 25 per cent; and its move to contribute 12 per cent to Employee Provident Fund in wages of new employment for three years in gems & jewellery sector,” he added.
According to Agarwal, the industry is keenly awaiting for new Gold Policy as well as a cut in import rate of precious metals.