GJEPC requests Centre to slash import obligation on gold, diamond

In accordance with GJEPC chairman Colin Shah, slicing import duties would assist India change into a producing and buying and selling hub.

The Gems and Jewelry Export Promotion Council (GJEPC) — the dad or mum physique of the diamond and jewelry throughout the nation — has requested the Union Ministry of Commerce and Trade to cut back the import duties on gold and diamonds, whereas welcoming the choice to permit commerce by means of e-commerce.

At an occasion of the Confederation of Indian Industries (CII) in Mumbai, GJEPC chairman Colin Shah made a request to Union minister Piyush Goyal, saying, “With the intention to assist realise India’s dream of changing into the premier international vacation spot of gems and jewelry, the federal government ought to look into slicing import obligation on gold from 12.5 per cent to 4.5 per cent and on diamonds from 7.5 per cent to 2.5 per cent. We’ll proceed to lose enterprise if gold continues to be costly for foreigners and NRIs… The commerce can also be impacted by the expansion within the parallel market resulting from excessive obligation on gold.”

Speaking to The Indian Express, Shah stated, “We now have bought good response from the Union minister who has forwarded our proposals to the finance ministry. Our recommendations on the refund of taxes, logistics and financing SEZs, are additionally been regarded into.”

In accordance with him, slicing import duties would assist India change into a producing and buying and selling hub. “At current, NRIs go to Dubai and different nations the place obligation is low to buy gold. If the obligation is minimize down, we is usually a buying and selling hub by way of diamonds and jewelry.”

The central authorities had just lately accepted the proposal of GJEPC to permit diamond jewelry commerce by means of courier mode. Shah stated, “To date there was no e-commerce for gems and jewelry. With this optimistic method from the federal government, now it’s doable to ship jewelry by means of courier mode… it should assist prospects overseas in addition to merchants…”

GJEPC Gujarat area chairman, Dinesh Navadia, stated, “Because of the heavy import duties of gold and diamond, we can’t compete within the worldwide market as our manufacturing prices goes up. Diamond merchants face nice loss as they should pay import obligation on the unsold gadgets introduced again after collaborating in worldwide exhibitions… Even damaged diamonds and different polished diamonds are also liable to pay import obligation.”

Courtesy: The Indian Express