Diamonds forever

BUDGET & COMMODITIES

The imports of zirconia and carol roughs account for around Rs 2,000-3,000 crore of the overall industry size of Rs 70,000 crore. The country imported rough diamonds worth Rs 33,261.93 crore ($7257.68 million) in the 10-month period ended January 31, 2008 compared with Rs 33,289 crore ($7,263.68 million) in the same period last year. Zirconia and carol, thus, imported and processed in the country is then exported to countries such as the US, West Asia, EU.  The impact

It is a major leap in strengthening the $16 billion diamond processing industry. The industry, however, wanted import duty on roughs to be completely removed because of business losses on high labour and R&D costs and, most importantly, the rupee appreciation. Sanjay Kothari, chairman, the Gems & Jewellery Exports Promotion Council (GJEPC), said: