Work hard and you will find success

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India plans diamond special zone in Mumbai

21 october 2014
The Government of India is currently discussing a plan to set up a special zone with tax benefits for diamond import and trading in Mumbai.
In connection with this move, Commerce and industry minister Nirmala Sitharaman reportedly held preliminary discussions with Commerce secretary Rajeev Kher and Revenue secretary Shaktikanta Das and asked officials to work out a possible road map, as reported in TOI.
Vipul Shah, Chairman of The Gem & Jewellery Export Promotion Council (GJEPC) of India, speaking to Rough & Polished in Mumbai clarified that the Indian industry at large is eager that a Special Zone be established for convenient trading of rough from producing countries.
Also, due to the complex tax system, many centers like Belgium, Dubai etc were shying away from coming to India for diamond trading.
“Mining companies can come to India and auction their roughs without any problems. Transaction cost will be saved, FDI will come into the country and on the whole smooth trading of goods can take place”, he added.
Regarding Mumbai being touted as the chosen city for the Hub, Vipul Shah said that the venue has not been finalised and that GJEPC has not received any intimation from the government till today.
According to GJEPC estimate, 85% of the global cutting work, in volume terms, takes place in India. However, just around 15% rough diamond is imported directly from the producing countries, while a majority is shipped in from the trading hubs.

Aruna Gaitonde, Rough&Polished correspondent in India