Abject Disappointment
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Saturday,July 06 2019 [ Issue 1 July/ 2019 ]
Abject Disappointment
The Council along with the Ministry of Commerce has been representing its problems to the government over the last year. A large import duty was already an impediment in the growth of the industry. Yesterday, as Finance Minister Nirmala Sitharaman announced her maiden budget, the industry was shell shocked. It seems like all the representation by the council has gone in total vain.

A hike of 2.5% on gold import duty pushed the total duty to 12.5% thus creating a fresh set of problems for the gems and jewellery industry one of it being creating an easier way to smuggle gold into the country. Corporate tax on companies with turnover of up to ₹400 crore was reduced to 25% and those earning more than Rs 2 crore annually will be liable to pay higher surcharge. To discourage cash payments, the finance minister has proposed a TDS of 2% on cash withdrawals exceeding ₹1 crore in a year from a bank account.

While most of these reforms directly affect the gems and jewellery industry, there was no direct mention of diamonds or any reforms directly impacting the diamond industry. Various associations and trade bodies have voiced their displeasure at the budget announcement and anticipate further complications to the industry. All in all, the announcements have insinuated that the Government for now is not really backing the gems and jewellery industry, a sector that is responsible for billions worth of exports.

Highlights
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Hari Krishna Group, a leading name in Gems and Jewellery industry, organised a blood donation drive on 3 rd July 2019 at The Capital, BKC. The drive was held on occasion of HK’s 27 th anniversary, the blood donation cam
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After a one-hour delay, the audience slowly started trickling yesterday morning, at Sahara Star, where the second edition of Manthan was all said to take place amidst Mumbai’s tormenting rainfall. Manoj Jha, Convenor, G
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Ever wondered where that sparkly stone on your finger was dug up? Who polished it and where? The world’s top diamond producer wants to answer all your questions. Russia’sALROSA PJSC is rolling out a program that w
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GJEPC led by Chairman Pramod Agrawal, Vice Chairman Colin Shah and GJEPC board members met up with Hon’ble Union Minister for Commerce and Industry Piyush Goyal , DGFT Alok Chaturvedi ND Rupa Dutta Economic Advisor MOC
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Minimalist yet bold, edgy yet eye-catching, contemporary yet classy – these are all characteristics that define Messika. It’s founder Valerie Messika has democratised diamonds and also made them ‘cool’ for young women who pre
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