10 Dec 2022
DiamondWorld Directory
Home |
Duty on Man-made Diamonds May Rise
Increase in import duty on man-made duty to remove the price gap with natural diamonds
By: Diamond World News Service
Jul 1 2014 5:42PM
Reference: 9269  

The Union Ministry of Finance is mulling over a proposal to hike the import duty on man-made diamonds to 10 per cent in order to remove the price disparity with natural diamonds. This way the Government is looking at curbing the malpractices.

The price of man-made diamonds is cheaper than the natural ones to the tune of 30-60 per cent, which can be used to cheat the customers, says a news report. It is important to maintain the consumer confidence in the industry through separation of natural and man-made diamonds value chain and disclosures at every step.

In order to protect the interest of the natural diamond industry, it is necessary to consider customs duty on cut and polished synthetic diamonds at par with similar stones which is currently 10 per cent, says a report. Even, the GJEPC had time and again raised the concern with the government.

Besides, increasing the import duty on man-made diamonds, the ministry is likely put up a 5 per cent duty on rough synthetic diamonds, which are mostly grown in laboratories. Again, this is in regards to the request made by the GJEPC, the apex body has demanded transparent declaration and proper nomenclature for lab grown diamonds to protect the interests of natural diamond traders and sellers.

In the wake of increasing competition from China and Thailand in processing and polishing of coloured gemstones, the ministry is mulling to remove a 2 per cent import duty on cut and polished and coloured gemstones.

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:
Sort by: 
This memorable day is a day for many people to show their appreciation towards moms and mother figures worldwide. It is an annual event but is held at different dates in the calendar, depending on the country. While dates and celebrations vary, this Day most commonly falls on the second Sunday in May and traditionally involves presenting mummy with aromatic Flowers Chocolates and other gifts. Create a lifelong impression upon your mom and Send Mother’s Day Flowers to France that clearly conveys how much you love them.
*  Company:
*  Name:
*  Mobile:
*  Email:
Subscribe for DiamondWorld weekly Newsletter
Search News by City
Recent Issue
News in Pictures
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: 32062
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 9577
GJEPC Chairman Interview
Views: 28163
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 39418
Promo for IJ Awards 2012 at NDTV Profit
Views: 57102
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 68602
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21912
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 50965
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 53162
Member of:
Supporter of: