20 Sep 2020
DiamondWorld Directory
Home |
News
Home
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  

DecreaseIncrease

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.

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
HouseAd_Trade Fair
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2020
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: 27217
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 1607
GJEPC Chairman Interview
Views: 24255
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 31552
Promo for IJ Awards 2012 at NDTV Profit
Views: 45882
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 58071
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18578
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 44539
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 42700
Advertisement
Finestar Diamonds
Advertisement
Kosher 250300
Member of:
Supporter of: