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08 march 2021 22 february 2021 Lately, the Indian diamond industry, on the whole, had been reeling with the effects of the implementation of GST and demonetization with several diamond polishers losing their jobs. The Indian diamond trade has asked the Government for an amendment in taxation provisions to allow the sale of rough diamonds in the Special Notified Zone (SNZ) in Mumbai; and exemption of two-per cent equalization levy on rough diamond sales. According to industry members, miners could pay a ‘turnover tax’ not exceeding 0.16%, which is the prevailing rate in Belgium. Labourer...

Four options for manufacturing in India A leg-up for manufacturing   -  THE HINDU× The Manufacturing Under Customs Bond scheme can lead to substantial savings for firms, but it has its pain points In November last year, the government announced the Production Linked Incentives (PLI) scheme for promoting manufacturing in 10 sectors. The initial response indicates that many new large-scale factories would soon be set up in the PLI supported product groups. The government provides four broad options for manufacturing in India. Selection of appropriate option results in substantial cost savin...

The Gem & Jewellery Export Promotion Council (GJEPC) has urged the Finance Minister to reduce import duties on diamonds and precious metals in the forthcoming Budget 2022 to be presented early next year.  The apex body of India’s gem and jewellery export industry said this was a key area that would help in strengthening the ongoing revival of exports from the sector.  In November, the industry showed strong signs of recovery after the negative impact of the pandemic-induced global lockdown in early to mid-2020.  Official figures indicate that gem and jewellery exports reached US$ 2.48 bi...