Rapaport News


Polished Markets


Advanced search
Latest Articles
Rough Markets
Polished Markets

India Creates Jewelry-Industry Task Force

Division will consist of customs and banking officials, as well as the Gem & Jewellery Export Promotion Council.
Aug 20, 2020 10:40 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

India’s finance ministry has agreed to form a special group to help resolve issues affecting the country’s gem and jewelry industry.

The task force will address various requests made by the trade, such as enabling direct sales of rough diamonds by miners in the country, reducing the polished import duty to 2.5% from 7.5%, and issues pertaining to the goods and services tax (GST), the Gem & Jewellery Export Promotional Council (GJEPC) said Wednesday.

“This would help address the sectoral concerns and resolve trade-related bottlenecks,” said GJEPC chairman Colin Shah. “It’s an important step towards attaining ease of doing business.”

The group will comprise officials from the GJEPC and the customs and banking sectors.

If any issues brought before the special group are not resolved satisfactorily, they may be passed on to the Finance Ministry for further review, Minister Nirmala Sitharaman added. 

Image: Indian diamond manufacturers. (Gem & Jewellery Export Promotion Council)
Tags: Gem & Jewellery Export Promotion Council, GJEPC, Nirmala Sitharaman, Rapaport News, SEZ, SNZ, Special Economic Zone, special notified zone
Similar Articles
Rapaport LogoRapaport Weekly Market Comment
Jan 14, 2021
Polished sentiment positive despite limitations on travel due to Covid-19. Shortages...
What to Expect in the Industry This Year
GIA Launches Cultured Pearl Report
Coronavirus Updates: Impact on the Diamond Trade
Montage Jan 20212020 Hindsight from Our ‘People of the Year’
Jan 10, 2021
What a difference a year makes. The modus operandi of the diamond...
Rapaport Weekly Market Comment
Tiffany to Sell Its Most Expensive Diamond
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us