The Gem & Jewellery Export Promotion Council (GJEPC) applauds the pro-reform and export growth-oriented budget by Hon. Finance Minister Smt. Nirmala Sitharaman, wherein is listed 7 priorities outlining people-centric agenda of ease of living and doing business to take on global challenges as well as for stimulating exports.
Vipul Shah, Chairman-GJEPC thanked the Government for accepting its recommendation for promoting indigenous manufacturing of the emerging Lab-Grown Diamond (LGD) sector by providing Research grants to IIT for 5 years and also reducing Customs Duty on LGD seeds to zero from 5%.
In addition, the Central government has also accepted to have clear segregation Customs (IT HS) codes for Silver and Platinum studded Lab grown jewellery for better differentiation and identification at the consumer level. Another positive pro-growth move is that the conversion of physical gold into digital gold will not attract capital gains tax. Besides, the increase in the allocation for the Interest Equalization Scheme will help in supporting exports, particularly by MSMEs, and may result in increasing the subvention support as demanded by the exporters in view of rising interest rates.
The Indian gem and jewellery industry had recommended a reduction in import duty on gold, silver and platinum, which has not been considered in the Budget. GJEPC will continue to pursue the same with the Government for the overall welfare of the industry.
While appreciating the emphasis on exports, GJEPC welcomed the revamped credit guarantee scheme for MSMEs and the Government’s assurance of returning 95 per cent of the forfeited amount to the enterprises in event of contract failure during COVID-19 by MSMEs.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Vipul Shah, Chairman-GJEPC thanked the Government for accepting its recommendation for promoting indigenous manufacturing of the emerging Lab-Grown Diamond (LGD) sector by providing Research grants to IIT for 5 years and also reducing Customs Duty on LGD seeds to zero from 5%.
In addition, the Central government has also accepted to have clear segregation Customs (IT HS) codes for Silver and Platinum studded Lab grown jewellery for better differentiation and identification at the consumer level. Another positive pro-growth move is that the conversion of physical gold into digital gold will not attract capital gains tax. Besides, the increase in the allocation for the Interest Equalization Scheme will help in supporting exports, particularly by MSMEs, and may result in increasing the subvention support as demanded by the exporters in view of rising interest rates.
The Indian gem and jewellery industry had recommended a reduction in import duty on gold, silver and platinum, which has not been considered in the Budget. GJEPC will continue to pursue the same with the Government for the overall welfare of the industry.
While appreciating the emphasis on exports, GJEPC welcomed the revamped credit guarantee scheme for MSMEs and the Government’s assurance of returning 95 per cent of the forfeited amount to the enterprises in event of contract failure during COVID-19 by MSMEs.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
