08 march 2021
22 february 2021 Lately, the Indian diamond industry, on the whole, had been reeling with the effects of the implementation of GST and demonetization with several diamond polishers losing their jobs. The Indian diamond trade has asked the Government for an amendment in taxation provisions to allow the sale of rough diamonds in the Special Notified Zone (SNZ) in Mumbai; and exemption of two-per cent equalization levy on rough diamond sales. According to industry members, miners could pay a ‘turnover tax’ not exceeding 0.16%, which is the prevailing rate in Belgium. Labourers are also demanding implementation of labour laws and Factory Acts in the diamond factories, claiming that around 10 polishers across the state had committed suicide in the last few months due to joblessness.
A landmark budget for the gem & jewellery industry The Finance Minister Nirmala Sitharaman has announced a slew of measures to boost Gem & Jewellery exports by cutting import duty on precious metals such as gold, silver and platinum By: Diamond World News Service
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(L-R) Mansukh Kothari, Convener, Events; Ashok Gajera, Reggional Chairman, Western Region, GJEPC; Colin Shah, Chairman; Vipul Shah, Vice Chairman; Sabyasachi Ray, ED, GJEPC
GJEPC welcomes Hon’ble Finance Minister Nirmala Sitharaman’s visionary budget; reduction on customs duty on raw materials like gold, silver and platinum to boost jewellery exports.
The Finance Minister Nirmala Sitharaman has announced a slew of measures to boost Gem & Jewellery exports by cutting import duty on precious metals such as gold, silver and p
Import duty cut on precious metals a major relief
February 02, 2021
‘Rationalised duty structure and simplified processes are fundamental to an organised trading market’
The government has reduced the import duty on gold and silver to 7.5 per cent from 12.5 per cent but added an agriculture infrastructure and development cess of 2.5 per cent, taking the overall duty to 10.75 per cent, including social welfare of 0.75 per cent.
Somasundaram PR, Managing Director, India, World Gold Council, said it is a much-needed incentive for the organised and compliant players in the industry. A rationalised duty structure and simplified processes are fundamental to an organised trading market.
A landmark budget for gem & jewellery industry, says GJEPC
By IANS |
Published on
Mon, Feb 1 2021 20:21 IST |
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Jewellery.. Image Source: IANS News
Jaipur, Feb 1 : The Gem Jewellery Export Promotion Council (GJEPC) on Monday welcomed Union Finance Minister Nirmala Sitharaman s visionary budget over reduction of customs duty on raw materials such as gold, silver and platinum to boost jewellery exports.
The import duty on gold and silver has been reduced from 12.5 per cent to 7.5 per cent while import duty on platinum, pallidum etc has been reduced from 12.5 per cent to 10 per cent. The import duty on silver dore bar has been reduced from 11 per cent to 6.1 per cent.