A delegation under the leadership of Vipul Shah, Chairman of the Gem & Jewellery
Export Promotion Council of India (GJEPC) met with Saurabhbhai Patel, Hon.
Minister of Finance (Government of Gujarat) to submit pre-budget proposals and
request him to take up issues and demands of the gem and jewellery with the Central
Government.
The GJEPC delegation recommended the introduction of a turnover-based taxation
system as it would help in attracting foreign diamond mining companies to trade
rough diamonds in India and make it a diamond trading hub.
The delegation also requested the government to declare designated areas in the
diamond bourses as ‘special notified zones’ where import and trading of rough
diamonds will be allowed, thus helping miners to bring their rough
supplies directly for trading in India.
The minister was informed that the industry was caught between banks
unwillingness to extend credit without Export Credit Guarantee Corporation (ECGC)
guarantees and ECGC’s unwillingness to extend the limits of the existing guarantees.
They requested the minister to take up this matter with the Central Government
in the interest of diamond manufacturers from Gujarat.
The Hon. Minister of Gujarat discussed the issues in detail and assured to
support the trade and take up the issues with Smt. Nirmala Sitaraman, Hon. Minister
of State for Commerce & Industry, Govt. of India.
Aruna Gaitonde, Rough&Polished correspondent in India
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