Jewellery industry seeks lower import duty on gold

On Thursday, the gems and jewellery industry approached the government with a string of demands pertaining to more flexible taxation laws & lower import duties on gold.

Gem and Jewellery Export Promotion Council (GJEPC) Chairman Pramod Kumar Agrawal was quoted at the 13th edition of the India International Jewellery Show (IIJS), as saying, “We have been pursuing with the government constantly with few concerns which require immediate attention, like reduction in import duty on precious metals — gold, silver, platinum to 4 per cent from 12.5 per cent. Reduce import duty on cut and polished diamonds and gemstones from 7.5 per cent to 2.5 per cent.” He added that the industry has urged the government for an amendment in taxation laws enabling sale of rough diamonds in Special Notified Zone (SNZ), Mumbai.