GJEPC seeks policy changes!
Required policy changes to eke out the remaining competitive advantage! Allow rough diamonds sale in the SNZ GJEPC eyeing to double exports to $70 Bn by 2025! With an aspiration to increase the Indian gems and jewellery exports to $70Bn in the next five years by 2025, the Gem and Jewellery Export Promotion Council of India (GJEPC), the apex body for promotion of gems and jewellery exports, have proposed a sea change in certain reforms with respect to gems and jewellery exports. In its Budget Recommendations, the Indian diamond industry is seeking the following urgent policy reforms from the government: 1: Reduction in import duty on cut and polished diamonds from 7.5% to 2.5% 2: Amendment in taxation provisions to allow the sale of rough diamonds in the Special Notified Zone (SNZ) in Mumbai 3: Exemption / Clarification of 2% Equalisation Levy on rough diamond sales India was observed to gain world market with increase in its exports of diamonds from merely US