GJ Town India

Good endeavour to halt CAD & To support the Make In India Craftsmen & Artisan would benefit! Recently by a notification government hiked up import tariffs on 19 items where about six items are related to GJ (Gem-n-Jewellery) industry & trade. It is to be noted that, the items are, 1: Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond, 2: Diamonds-semi processed, half cut or broken, 3: Lab grown diamonds, 4: Cut and polished Colored gemstone, 5: Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal & 6: Articles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal. Now, industry leaders & players have reacted & casted their feedback on the tariff hike! Here are the choicest expressions! Aditya Pethe, Director, WHP Jewellers said, “This is a welcome move as it will discourage Indian retailers from importing

Recent Import Duty Hike to Strengthen Jewellery Manufacturing in India A step towards establishing Brand India jewellery! The government recently increased the customs duty on categories of diamond such as semi-processed, half cut or broken, and cut and polished coloured gemstone to 7.5 per cent, from 5 per cent earlier, and increase in import of jewellery articles from 15% to 20% in a move to narrow the current account deficit (CAD). Mr Pramod Kumar Agrawal, Chairman, The Gem & Jewellery Export Promotion Council (GJEPC) said, “GJEPC welcomes the step undertaken by the government to narrow the current account deficit. Welcoming the Increase in import duty on jewellery from 15% to 20% by Chairman GJEPC said “this move would not only help the sector strengthen jewellery manufacturing in India but also give a boost to Jewellery exports from India, a step towards establishing Brand India jewellery”. Mr. Agrawal said, “The import duty increase in cut and

Overall increases 2.5 to 5% duty on GJ items! Tariff measures taken to curb The imports of non-essential items In an endeavor  to strengthen Indian Rupee & to halt a growing CAD issue, the Union Government has taken a decision to hike up the Import duty on choicest 19 items. Out of these 19 items about six items are related to GJ (Gem-n-Jewellery) Industry & trade. The Central Government has taken tariff measures, by way of increase in the basic customs duty, to curb import of certain imported items. These changes aim at narrowing the current account deficit (CAD). In all the customs duty has been increased on 19 items, here are six which is related to GJ Industry & Trade: S. No. Item Tariff code (HSN) Basic customs duty From To 1 Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond 71 5 7.5 2 Diamond