GJEPC Submits Pre-Budget Proposals!
Further, the Council proposed flexibility for SEZs GJEPC submitted a set of pre-budget proposals to the Government of India in New Delhi on 7th November, aimed at improving ease of doing business and boosting exports. The Council proposals were put forth by Kirit Bhansali, Chairman, GJEPC; Anoop Mehta, Convener – Diamond Panel; K. Srinivasan, Convener – Gold Panel, GJEPC; and Sabyasachi Ray, Executive Director, GJEPC. Key proposals include a liberalised taxation framework for rough diamond trading in Special Notified Zones, on the lines of other international diamond trading hubs like Israel, Dubai, Belgium, etc., and an extension of the customs duty exemption on lab-grown diamond seeds beyond March 2026 to support India’s fast-growing LGD industry. GJEPC also sought retrospective applicability of the ±0.01 mm height variance parameter (2014-2025) for re-imported diamonds sent for certification/grading, ad-valorem duty drawbacks for gold and silver to reflec...