Demand will pick up once the season starts

N Anantha Padmanaban took charge as the Chairman of the All India Gem & Jewellery Domestic Council (GJC) in January 2019. He has immense hopes and confidence in the Indian jewellery sector. His motto is to ‘ensure that after the day’s business...

14 october 2019

Prospects for discovering new diamond deposits in the Arkhangelsk Province are far from exhausted

ALMAZINTECH is engaged in technical auditing and comprehensive assessment of activities performed by exploration, diamond mining and gold mining businesses in Russia and other countries, as well as carries out research and development. It employs highly...

07 october 2019

Botswana Diamonds eyes expansion of Thorny River to include Marsfontein – Campbell

Botswana Diamonds, which has a 40% stake in Thorny River, through Vutomi, said there are plans to expand the project located in South Africa to include Marsfontein once a mining permit for the latter has been awarded. Company managing director James...

30 september 2019

Diamond knife and tender system: The tight-fisted paying twice?

LLC Kristalin is the only company in Russia that manufactures microsurgical diamond blades for domestic healthcare that meet international requirements and are used in ophthalmology, neurosurgery and plastic surgery. Mikhail Zhiltsov, the company’s Deputy...

23 september 2019

Didier Giard: Stiff competition among the diamantaires is one of the factors of the price war

On September 9, 2019, the French Association of Gemmology (l’Association Française de Gemmologie, AFG) held its regular Paris Gemmological Rendez-Vous. Its organizer, Didier Giar, the head of the AFG kindly agreed to answer questions from Rough&Polished...

16 september 2019

GJEPC: Gem & Jewellery industry disappointed with the increase in import duty on Gold and precious metals

09 july 2019
gjepc_logo_news.pngIn the run-up to the ‘Union Budget 2019,’ The Gem & Jewellery Export Promotion Council (GJEPC) had sought a reduction in import duty on gold and precious metals, as well as a reduction in import duty on cut & polished diamonds from 7.5% to 2.5%.
However, during the presentation of Union Budget 2019-20 on 5 July, Hon. Union Finance Minister Smt. Nirmala Sitharaman announced the increase from 10 to 12.5% import duty on gold and precious metals, as per a press release from GJEPC.
Pramod Kumar Agrawal, Chairman, GJEPC, said, “The gem & jewellery industry is going through very tough times with decline in exports and job losses and the industry expected some positive announcement as an encouragement to our sector. GJEPC had represented for the reduction in import duty for raw material inputs like gold, diamond and coloured gemstones to get some blocked capital released.”
“The cost of doing business has now gone up. We seek a reduction in high import duty on Precious Metals Gold/Silver/Platinum as it is encouraging grey market, hampering Export Competitiveness and resulting in job losses and has not helped in curbing CAD,” he added.
Welcoming other proposals made in Union Budget digital mode of payment for business establishments with an annual turnover of more than Rs. 50 crore; a lower rate of 25% corporate tax to include all companies having an annual turnover up to Rs. 400 crore etc, initiatives of facilitating cluster-based development to make the traditional industries more productive etc, Agrawal  also said that India’s Gem & Jewellery Industry, a world leader in cut & polished diamonds, is a $41 bln industry and contributes 7% to India’s GDP and 15% to Merchandise Exports; and employs workforce of 5 Mln across India.
The GJEPC statement reiterated that GJEPC seeks a reduction in Import Duty on Precious Metals Gold/Silver/Platinum from 10% to 4%; reduction of import duty on cut and polished precious and semi-precious gemstones from 7.5% to 2.5%; facilitating exports of gems & jewellery through e-commerce; and special budget provision for inclusion of gems and jewellery merchant exporters under 3% interest equalization scheme from the government.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished