18 May 2021
DiamondWorld Directory
Home |
News
Home
A landmark budget for the gem & jewellery industry
The Finance Minister Nirmala Sitharaman has announced a slew of measures to boost Gem & Jewellery exports by cutting import duty on precious metals such as gold, silver and platinum
By: Diamond World News Service
|
Feb 2 2021 8:50AM
|
Reference: 25393  

DecreaseIncrease
(L-R) Mansukh Kothari, Convener, Events; Ashok Gajera, Reggional Chairman, Western Region, GJEPC; Colin Shah, Chairman; Vipul Shah, Vice Chairman; Sabyasachi Ray, ED, GJEPC
(L-R) Mansukh Kothari, Convener, Events; Ashok Gajera, Reggional Chairman, Western Region, GJEPC; Colin Shah, Chairman; Vipul Shah, Vice Chairman; Sabyasachi Ray, ED, GJEPC

GJEPC welcomes Hon’ble Finance Minister Nirmala Sitharaman’s visionary budget; reduction on customs duty on raw materials like gold, silver and platinum to boost jewellery exports.

The Finance Minister Nirmala Sitharaman has announced a slew of measures to boost Gem & Jewellery exports by cutting import duty on precious metals such as gold, silver and platinum.

  1. The import duty on gold and silver has been reduced from 12.5% to 7.5%
  2. Import duty on Platinum, Pallidum, etc has been reduced from 12.5% to 10%
  3. Import duty on Silver Dore Bar from 11% to 6.1%
  4. The import duty on Gold/Silver Findings has been cut from 20% to 10%
  5. Import duty on Spent catalyst or ash containing precious metals from 11.85% to 9.2%
  6. Precious Metal Coins from 12.5% to 10%. 

Colin Shah, Chairman, GJEPC said,“We sincerely thank the Hon’ble Prime Minister and Hon’ble Finance Minister for this bold and pragmatic growth-oriented budget.

The reduction in import duty from 12.5 per cent to 7.5 per cent will help the Gem & Jewellery exports become globally competitive.  Reduction in duty on raw materials would give the much-needed boost to the sector and help it to move to the next level. In fact, high duty on precious metal had made our exports uncompetitive leading to large Indian diaspora/NRI, moving to Dubai, Hong Kong or other centres to buy jewellery which was largely impacting the employment as well as business in India. Along with this the decrease of import duty on jewellery findings to 10% will help the jewellery manufacturer exporters in a big way. ”

“Another relief for the industry was the clarification on Equalisation Levy. What we understand that from the budget is that Online Equalisation Levy of 2% is now not applicable on B2B purchases from International Diamond Auctions. This will help our manufacturers of diamonds to buy directly from miners. Sincere thanks to Hon’ble FM for this relief.” adds Colin Shah

FM has also announced setting up of a new Sebi regulated gold exchange. The Finance Minister also announced that Securities and Exchange Board of India (Sebi), will be notified as the capital markets watchdog as regulator for gold exchanges. “We welcome the move as this will surely ease marketability and sale of gold,” added Colin.

Thanking the Prime Minister and Finance Minister for coming out with a visionary budget, Vipul Shah, Vice Chairman, GJEPC said, “The finance minister has done a remarkable job by presenting a bold budget in these difficult times. The budget focused on investments in the infrastructure sector, consolidation of regulations, implementing digitisation in several sectors and reducing regulatory forbearance. There were also various measures to improve consumptions. We want to congratulate finance minister and prime minister for coming out with a landmark budget.”

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
 
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2021
AVAILABLE NOW...!
Advertisement
Kosher 23460
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: 29181
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 5127
GJEPC Chairman Interview
Views: 25547
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 34634
Promo for IJ Awards 2012 at NDTV Profit
Views: 48210
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 61039
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 19845
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 46956
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 45856
Advertisement
Finestar Diamonds
Advertisement
Kosher 250300
Member of:
Supporter of: