Diamonds, jewellery sector pins hopes on duty cut January 22, 2021 Trade sees illicit imports getting incentivised under higher duty regime Diamonds and precious metals sector have sought relief from Finance Minister Nirmala Sitharaman in terms of reduction in import duties as well as clearance of the pending GST settlements as she prepares to present the Budget on February 1. Trade sources in Surat said that a mammoth ₹15,000 crore worth of GST settlements are pending with the government. “The government isn’t making refunds, nor they are giving GST credits. The Finance Minister should take a decision on this GST settlements and make an appropriate announcement so that the funds can be utilised,” Dinesh Navadia, Regional Chairman, Gems and Jewellery Export Promotion Council (GJEPC), told