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Jewellery body urges govt to reduce import duty on cut &

Press Trust of India  |  Mumbai 

The Gems & Export Promotion Council (GJEPC) today said it has urged the government to reduce import duty on cut and polished diamonds announced recently.

"We have urged the government to roll back import duty on cut & polished diamonds from 5 per cent to 2.5 per cent. We have also urged the government to review FTA and sign new trade agreements," GJEPC said here after inaugurating the 5th edition of Gem & Machinery Expo.

"has also shown keen interest to support the Council's initiatives like parks for fine jewellery and handmade jewellery. The Council will soon present a plan to make a global hub for the gem and jewellery business," Agarwal said.

"We appreciate the recent Government's initiatives like reducing GST on polished diamonds from 3 per cent to 0.25 per cent; reducing corporate tax on companies with turnover upto Rs 250 crore to 25 per cent; and its move to contribute 12 per cent to in wages of new employment for three years in gems & jewellery sector," he added.

According to Agarwal, the industry is keenly awaiting for Policy as well as a cut in import rate of precious metals.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 09 2018. 21:45 IST