Archive

  • Amid the threat of a looming financial recession for the diamond sector in Surat, the GJEPC now seeks a new series of policies they believe will add to manufacturing revenues. This has been another of a late series of attempts by the GJEPC to counter-act the pressures facing India’s diamond sector since the decline of Russian imports and the closure of the Chinese marketplace. 

  • India’s gem and jewellery exports have seen an increase of 8.26 percent in the current financial year, thanks in part to the Comprehensive Economic Partnership Agreement (CEPA). The Indian government has taken several steps to support the gem and jewellery industry, including the implementation of a simplified regulatory framework for exports through e-commerce, reduced duties for the import of diamonds and a new gold monetization policy.

  • India’s Ministry of Finance has amended the ‘Exports by Post’ Regulations 2018 respectively for allowing postal authorities to set up, operate and maintain the PBE (Postal Bill of Export) Automated System for filing of electronic declaration for export of goods through Post.

  • Unconfirmed sources say India is planning to lower the much criticized import tax on polished diamonds and gemstones from 7,5% to 5%, as this was mentioned during the budget speech by India's Finance Minister. 

    To give a boost to the gems and jewellery sector, customs duty on cut and polished diamonds and gemstones has been reduced to 5 percent. "Simply sawn diamond would attract nil customs duty. To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year," the finance minister said, according to Moneycontrol.