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Gems-Jewellery Export Promo. The chairman of the council said – Import duty should be reduced on gold-silver, platinum. Budget 2023; Gems-Jewellery Export Promo. Council Chairman Vipul Shah; Manipal Global Ad. TV Mohandas Pai

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Gems-Jewellery Export Promo. Council (GJEPC) chairman Vipul Shah believes that many announcements can be made in the budget-2023 in the interest of the gems and jewelery sector. At present, the rate of import duty on gold, silver and platinum is high. Due to this, smuggling is increasing. Exporters’ working capital of more than Rs 500 crore also gets stuck.

If the government reduces the import duty to 4%, it will be of great benefit.
According to Vipul, if the government reduces the import duty to 4%, it would be of great benefit. Exporters will be able to use more than half of the working capital. Apart from this, we are hopeful that the government will allow the sale of rough diamonds through the Special Notified Zone (SNZ).

This will enable Indian SMEs to deal directly with international mining companies. The role of middlemen will be eliminated and at least 20% of rough diamonds supplied worldwide can shift to India’s SNZ. Due to this, the government can also earn an additional income of Rs 28-30 crore annually. GJEPC is hopeful that the government will reintroduce the Diamond Imprest License. This will allow diamond exporters to take advantage of the beneficial policies of African mining companies.

LGD Import duty exemption on seed
Lab grown diamonds are expected to account for over 10% of global gems-jewellery exports by 2025. India can get benefit from this. We have appealed to the government to make the import duty on the seed used in Lab Grown Diamond (LGD) zero. With this, like natural diamond processing, India can also become a leader in lab-made diamonds.

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Manipal Global Ed. Chairman TV Mohandas Pai has high hopes from Budget-2023. He believes that the government can take some bold steps in the budget. There is a possibility of focus on resolving old issues and disputes. Despite the ever-increasing inflation, the middle class has not received any special tax relief for the last few years. He is hopeful that the government will increase the tax slab in this budget. Read the full news here…

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In this budget, an announcement can be made to increase import duty on many types of items. According to a report in Economic Times, the Modi government is considering increasing custom duty on around 35 items in the Union Budget 2023 to boost its efforts to make ‘Atmanirbhar Bharat’. Read the full news here…

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