Gem & Jewellery industry disappointed!
Gem & Jewellery industry disappointed with increase in import duty on Gold & precious metals: GJEPC With cost of doing business going up, export competitiveness will go down; Indian exporters will lose business to neighbouring countries resulting in job losses! The Gem & Jewellery Export Promotion Council (GJEPC) has sought rollback and further reduction in import duty on Gold and precious metals, which has been increased to 12.5% as announced by Hon. Union Finance Minister Smt. Nirmala Sitharaman during the presentation of Union Budget 2019-20. GJEPC has also sought a reduction in import duty on Cut & Polished Diamonds from 7.5% to 2.5% as part of the Government’s focus on enhancing exports and strengthening India’s positioning as a world leader in the diamond cutting and polishing business. Mr. Pramod Kumar Agrawal, Chairman, GJEPC, said, “The gem & jewellery industry is going through very tough times with decline in exports and ...