Government Supportive Of Indian G&J Industry But National Needs Come First

(IDEX Online) - The Indian government's decision to raise the import duty on cut and polished diamonds, semi-processed stones, half cut or broken diamonds and lab-grown stones and processed colored gemstones to 7.5 percent from 5 percent was exactly the type of news the industry on sub-continent could do without. The government said the move was aimed at attempting to reduce India's current account deficit. And, to be fair, the other items on the list were of the everyday variety which made defending a hike on customs tax for precious stones difficult a tough gig. The list included, for example, air-conditioners, refrigerators, washing machines, footwear, furniture fittings and tableware.