Gem & Jewelry Sector to Receive Extra Incentives From Government Under 'Make in India' Scheme

Finance and Trade
02/11/2015 07:24

India's Ministry of Commerce and Industry is expected to announce on November 3 the extension of incentives under the ‘Make in India’ initiative for the gem and jewelry sector. The short-term and medium-term initiatives include the establishment of Special Notified Zones (SNZ) for the sale of rough diamonds by mining companies, a reduction of net profit rates for the diamond industry to 2.5 percent from 6 percent, reductions in import duty on gold and silver to 2 percent from 10 percent, and zero percent for cut and polished colored gemstones from 2.5 percent among other measures.