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Foreign Trade Policy 2009-2014 brings cheer to Indian G&J industry
Industry says it has opened opportunities for growth
By: Diamond World News Service
Aug 28 2009 1:32PM
Reference: 4149  


The new Foreign Trade Policy 2009-2014 announced by Hon’ble Commerce & Industry Minister Shri. Anand Sharma has presented the Indian gem and jewellery sector with a wide scope for growth in exports – providing better diamond sourcing, supporting small and medium exporters, encouraging promotional leverages, grading and certification. The industry advantage is:

Duty Draw Back policy

Duty Draw Back policy is being announced for exports of gold jewellery. It will especially encourage small and medium exporters of the sector in non-metro and remote areas, to buy gold from the open market, manufacture and export jewellery, and claim import duty levied on the gold they bought from the open market.

Increased value limits on personal carriage

The US$ 0.1 million limit on the worth of personal carriage for export promotion trips is now US$ 1 million. The US$ 2 million limit in case of participation in overseas exhibition is now is US$ 5 million.

Multiple diamond bourses being set up

The setting up of new diamond bourses in key centres of the country, would reduce the dependency of diamantaires to buy and sell rough and polished stocks in Antwerp, Hong Kong, China and Dubai, which was happening earlier despite of the existence of the Bharat Diamond Bourse (BDB) in Mumbai. The BDB was not able to handle needs of the Rs 80,000 crore industry.

Import of cut and polished diamonds on consignment for grading and certification

Grading institutions in India can see some benefit in import of cut and polished diamonds being permitted on consignment basis for grading and certification. Until the policy announcement, foreign companies were submitting their diamonds to Gemology Institute of America (GIA) and other foreign institutions for grading and certification, as import was not allowed.

Industry speak

Mr. Vasant Mehta,Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) said “After India has achieved the status of a Power House in manufacture of diamonds; now with the policy announcements for allowance of import on consignment basis of cut and polished diamonds for the purpose of grading/certification and establishment of Diamond Bourses in the country, will give fillip to India’s aspiration for becoming an international diamond trading hub.”

One issue that did let the industry down is that the policy neglected to increase the interest subvention or discount on interest rates on loans from the present 2 percent to 4 percent.

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