Duty hike to harm diamond exports!
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...