Discussions to negotiate conditions favorable to the Indian diamond industry to entice manufacturers to move some of their operations to another province in the country are occurring at the highest levels of government, Diamond Intelligence reports cited by Israelidiamond.co.il.
Rajiv Jain, chair of the pivotal Gems and Jewelry Export Promotion Council, led a contingent of Indian diamond manufacturers in a meeting with the Shivraj Singh Chauhan, Chief Minister of the Madhya Pradesh province to discuss a possible move. The plan being discussed would entail tax breaks for diamond companies willing to move the center of their operations from Surat – in the state of Gujarat – to the city of Indore, located in Madhya Pradesh.
Indian diamond companies are currently obliged to pay a tax rate of 33%, according to Diamond Intelligence. Rio Tinto's Bunder diamond mine is also located nearby. Drawing Indian manufacturers to Madhya Pradesh would ensure that Bunder's output did not leave the state unless it was in value-added polished form.
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