The Central Board of Indirect Taxes and Customs (CBIC) is initiating the formation of a panel to address the concerns raised by the gems and jewellery industry related to customs clearances. The industry has highlighted issues such as the lack of valuers, challenges with the hand-carriage of gems and jewellery, and concerns about the Remission of Duties or Taxes on Export Products (RoDTEP) scheme.
GJPEC Gujarat Chairman Vijay Mangukiya said that stopping the import of rough diamonds for two months has definitely benefitted the industry to curb overproduction.