Union Budget is a game-changer for the GJ Industry
India a step closer to attain as the largest rough diamond trading centre The Gem & Jewellery Export Promotion Council (GJEPC), India’s apex trade body for Gems & Jewellery-GJ) hailed the first Union Budget of Prime Minister Shri Narendra Modi 3.0 government presented by Finance Minister Smt. Nirmala Sitharaman for the seventh historic time as a game changer for the indigenous gem & jewellery industry. Finance Minister acknowledged that India is a world leader in the diamond cutting and polishing manufacturing, which employs more than a million skilled workers. GJEPC said that the abolition of equalisation levy and announcement of safe harbour tax on rough diamond trading will see the growth of India as the largest rough diamond trading centre as all foreign mining companies will now trade rough diamonds directly to the diamond cutting and manufacturing entities in India. Thus the small manufacturers will get the access of raw materia...