RJ Market Watch
Surat: Allow direct sale of roughs in Special Notified Zones, demand Diamantaires
Currently, diamond mining companies including De Beers, Alrosa, Rio Tinto etc. only display the diamonds for viewing purpose at the SNZ. According to the SNZ norms, the trading entity is considered as permanent entity (PE), which attracts 40% duty on its turnover. So, selling diamonds at the SNZ is impractical for the miners due to the high tax structure.
SURAT: With the diamantaires in Surat facing acute shortage of rough diamonds due to restriction on international travel, the industry leaders have demanded that the government allow direct selling of rough diamonds at the Special Notified Zones (SNZs) at Surat and Mumbai.
Currently, diamond mining companies including De Beers, Alrosa, Rio Tinto etc. only display the diamonds for viewing purpose at the SNZ. According to the SNZ norms, the trading entity is considered as permanent entity (PE), which attracts 40% duty on its turnover. So, selling diamonds at the SNZ is impractical for the miners due to the high tax structure.
The Gems and Jewellery Export Promotion Council (GJEPC) has urged the central government to allow the direct sale of rough diamonds by the miners at the Special Notified Zones (SNZs) in Surat and Mumbai.
Vipul Shah, vice-chairman of GJEPC told TOI, “We have demanded that the government must allow turnover tax instead of customs duty on the mining companies for the direct sale of rough diamonds.”
Courtesy: Economic Times
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