Image credit: SurSEZ
As local laws and taxes do not apply in the SEZ favouring businesses, jewellery manufacturers from Mumbai are making a beeline to Surat Special Economic Zone (SurSEZ) of Surat to set up their factories in the zone.
Besides, unit owners get exemption on import duty on raw materials and other taxes on the condition that the final product is exported and not sold locally. Also, the land given to the unit owners is on lease for 15 years and can be renewed later.
Since the beginning of 2020, despite the COVID-19 disruptions, many diamond manufacturers from Mumbai are reported to have shifted to SurSEZ. According to media reports that cite officials from SurSEZ who claim that more than 2 dozen new units have started operations in the SurSEZ, of which most are diamond jewellery firms of Mumbai.
Currently, the gems and jewellery industry seems to be in recovery mode after COVID-19 lockdown, with exports to markets in the United States, China, Hong Kong, Europe and other countries have begun from $36 mn in April during the lockdown to $1764.06 mn in August, and to $2073.68 mn in September 2020.
The SurSEZ spread on 150 acres of land at Sachin, has around 160 licenced units at present, and construction has been done on 85 per cent of the land. As there is no shortage of land, SurSEZ welcomes manufacturers who want to start their units there.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
