"We want to make India a diamond trading hub", says Praveenshankar Pandya, GJEPC Chairman

“Our aim will be to make India a diamond trading hub. However, we need support from the government for ease of business. A definitive and stable taxation regime will help the centre to attain the diamond trading hub status,” said Praveenshankar Pandya, Chairman, GJEPC, while addressing media a press conference held at St. Reigis Hotel in Mumbai.

Others present at the press conference were Russell Mehta, Vice Chairman, GJEPC, Ashok Gajera, Chairman, Western Region, GJEPC and Sabyasachi Ray, Executive Director, GJEPC.

While speaking about the challenges, Pandya said “The current massive downturn in China, Eurozone and global gem and jewellery industry is severely impacting the demand and prices of polished diamonds and finished jewellery.” “Industry needs government support for ease of business as this is the industry, which is perfect for the PM’s ‘Make in India’ campaign,” he added.

He also spoke on Pre-budget proposals for the year 2016-17. They are:

• Inclusion of gems and jewellery sector under interest subvention scheme and Merchandise Export from India Scheme (MEIS)

• Introduction of Presumptive Taxation System for Indian diamond industry

• Abolition of MAT and DDT for gems and jewellery sector at SEZ

• Ensuring ready availability of precious metals gold, silver, platinum for small and medium exports

• Abolition of 2.5 per cent import duty on cut and polished coloured gemstones