Gem and jewellery exporters of India have urged the government to announce support measures like the abolition of import duty on raw material for lab-grown diamonds (LGDs) and jewellery repair policy to promote the sector and boost shipments in the forthcoming Budget, as per a PTI report.
The industry has also suggested the introduction of presumptive taxation on diamond sales at special notified zones and the introduction of the proposed DESH bill, which seeks to replace the existing law for special economic zones.
Seeking a "diamond package" in the forthcoming Budget, the industry said in light of the high inflation and economic crisis in the US and Europe and frequent lockdowns in China, the exports of diamonds and jobs in Surat have been impacted. With the world facing threats of deposit depletion of rough diamonds, which also contribute to the exponential increase in the cost of extraction, companies have thus found LGDs to be a profitable alternative.
The jewellery industry is now requesting the government to announce supporting measures for the industry in the forthcoming Budget, as it holds huge potential to create jobs and increase exports.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
The industry has also suggested the introduction of presumptive taxation on diamond sales at special notified zones and the introduction of the proposed DESH bill, which seeks to replace the existing law for special economic zones.
Seeking a "diamond package" in the forthcoming Budget, the industry said in light of the high inflation and economic crisis in the US and Europe and frequent lockdowns in China, the exports of diamonds and jobs in Surat have been impacted. With the world facing threats of deposit depletion of rough diamonds, which also contribute to the exponential increase in the cost of extraction, companies have thus found LGDs to be a profitable alternative.
The jewellery industry is now requesting the government to announce supporting measures for the industry in the forthcoming Budget, as it holds huge potential to create jobs and increase exports.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
