04 Dec 2022
DiamondWorld Directory
-
Home |
News
Home
Diamond Industry Welcomes India’s Union Budget 2022-23
Import duty on cut and polished diamond has reduced from 7.5% to 5%
By: Diamond World News Service
|
Feb 4 2022 4:46PM
|
Reference: 26144  

DecreaseIncrease

India’s Finance Minister, Nirmala Sitharaman announced a boost to export on jewellery through e-commerce and a drop in import duty of cut and polished diamonds, with no marked change for gold imports in the Union Budget 2022. The local and global diamond and jewellery industry welcomed the pro-reform and export growth-oriented Union Budget.

Colin Shah, Chairman, GJEPC said, “The Indian gem & jewellery sector is one of the leading contributors to the national economy and we’re the undisputed leader in diamond processing. Reduction in import duty on cut and polished diamonds to 5% will further help in strengthening the sector and retain its leadership position.” Commenting on the e-commerce potential Shah said that the “Government has been quick to realise the potential of e-commerce and has proposed to implement a simplified regulatory framework by June 2022 to facilitate gem and jewellery exports through the e-commerce route, ensuring that jewellers from every district in the country are able to ship their products overseas in a fast and economical manner. The broad basing of the exports through this measure have the potential to grow the exports from this sector to USD 100 billion dollars in the next 5 years.”

Vipul Shah, Vice Chairman, GJEPC commented that the “emphasis on infrastructure spending is good news for the India Jewellery Park Mumbai (IJPM). We also expect these reforms to raise the level of trust and transparency in the Indian gem and jewellery sector to a whole new level.” The Chairman further noted that “Since more than 90% of the gem & jewellery sector consists of MSMEs, the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs up to March 2023 will be a great relief to the sector, and we are happy that its outlay has been increased by ₹50,000 Crore to a total cover of ₹5 lakh crore.” Acceptance of Surity bonds in place of Bank Guarantee too has the industry in joy and would help SME exporters of gold jewellery and revive it too, he said.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
DWWeeklypost
Search News by City
Advertisement
DWsubscription
Recent Issue
2022
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 32005
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 9502
GJEPC Chairman Interview
Views: 28114
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 39343
Promo for IJ Awards 2012 at NDTV Profit
Views: 57052
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 68546
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21870
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 50910
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 53086
Advertisement
DWsubscription
Member of:
Supporter of: