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A diamond may be a chunk of coal that did well under pressure but it s a thing of beauty, and one cannot describe its magnificence in words. Despite being a solid form of carbon that has become the star of the gem and jewellery industry, there are various myths that surround it and we thought we ll bust them for all the diamond lovers.
Bad investment option
Firstly, diamonds may be the first choice of all jewellery lovers, but it is always assumed that they are not a good investment option. Vastupal Ranka, Director, Rare Jewels from the House of Ranka Jewellers wants people to stop assuming that diamonds are a bad investment option. It is an assumption that unlike gold, diamonds are not a lucrative investment. The reality is different. For example, Diamond solitaires bought 5-7 years ago have appreciated 40-50% of the price. Every ornament made with diamonds is backed by a certificate of guarantee and authenticity by the jeweller, claims Ranka.
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Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver
The Modi government has announced a cut in the import duty on gold and silver, a move welcomed by the industry as it will bring down prices of precious metals in the domestic market and boost exports of gems and jewellery. Finance Minister Nirmala Sitharaman in her budget speech said that to bring the prices of precious metals closer to previous levels, the government will rationalise customs duty on gold and silver.
Gold and silver presently attract a basic customs duty of 12.5 per cent. Since the duty was raised from 10 per cent in July 2019, prices of precious metals have risen sharply. But the government in the Budget cut the customs duty on gold and silver to 7.5 per cent while duties on other precious metals were cut down to 6.9 per cent on gold dore bar from 11.85 per cent; 6.1 per cent on silver dore bar from 11 per cent; 10 per cent on platinum from 12.5 per cen
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Budget 2021: Gems, jewellery industry seeks cut in import duty, GST
The gem and jewellery industry has a lot expectation from the Modi government in the upcoming Union Budget 2021-22. The industry wants the Centre to reduce customs duty on gold, withdraw of tax collected at source (TCS), cut in import duty on polished precious and semi-precious gemstones.
According to Ashish Pethe, the chairman of All India Gem and Jewellery Domestic Council (GJC), the government should assess the adverse impact of higher import duty on the jewellery trade and suggested to cut the customs duty to 4 per cent from the current 12.5 per cent.Â