GJEPC eye on IDTC-SNZ issue!


FM noted concerns pertaining to
SNZ & GST amongst other issues!

GJEPC Chairman Colin Shah, Vice Chairman Vipul Shah, and ED Sabyasachi Ray held a video meeting with the Hon’ble Finance Minister, Smt Nirmala Sitharaman, on 6th July, and made a presentation on the critical issues concerning the gem & jewellery industry with Finance Ministry.

De facto India Diamond Trading Centre (IDTC) - Special Notified Zone (SNZ) was set up in the boundaries of Bharat Diamond Bourse (BDB) by both, GHWPC & BDB on December 20, 2015. At the end of one year the SNZ witnessed participants over 400 companies and about 28 diamond viewing sessions held successfully!

The real objective behind such creation was to ensure EoDB in India, to set regular supply line of rough diamonds, to save time and operational cost of SMEs! And further the activities can extend up to rough sales. Yet, since last five years the SNZ has stacked up to rough diamond viewing only. Could not realise the step next and allowed the mining companies to sale rough at the said SNZ, Mumbai.

Recently newly elected chair-GJEPC picked up the issue of the half decade and deliberated with Nirmala Sitharaman. Swiftly she took note of concerns pertaining to SNZ & GST amongst other issues. She will hold a review meeting with GJEPC in the next 15 days along with concerned secretaries and officers of her ministry.

De facto the related tax issues to be sorted out prudently to ensure the mining companies can not only arrange the viewing of rough diamonds but they can sale at SNZ at win-win tax levies. Because this boulevard for India to attain the global gem & jewellery Hub stature!



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