Jewellery industry welcomes 3% GST on gold but finds it challenging
The Dollar Business Bureau Gems and Jewellery industry welcomed the government’s decision of fixing the goods and services tax (GST) rate at 3% for gold and 0.25% for rough diamonds, stating the step will help in boosting the business. The industry said they are happy that the government understood the requirements of the industry and a special category has been created in the GST. “We welcome the government's decision of 3% GST for gold and 0.25% on rough diamonds. We are happy that the Centre has created a special category, which will help the industry,” Nitin Khandelwal, Chairman All India Gems and Jewellery Trade Federation (GJF) told PTI. He further said the rate is expected to be less than 3% as input tax credit ...
Customs exempts import duty on cut and polished diamonds to authorised agencies and offices
The Dollar Business Bureau The government has exempted the customs duty payable on the imports of cut and polished diamonds during the period from the March 9, 2012 to March 1, 2017. The given benefit is applicable on diamonds of 0.25 carat and above that are exported abroad for certification and grading. In its latest notification No.21/2017-Customs dated May 23, 2017, the office of Customs says, “the Central Government, hereby, directs that the whole of duty of Customs and additional duty of Customs, if any, payable on the import of such cut and polished diamonds during the period from the March 9, 2012 to March 1, 2017 by the authorised agencies/offices in India of laboratories mentioned under para 4.74 of the Hand Book of Procedure, but for ...
Price rise, weak demand for specific diamonds affect Indian G&J industry
Sai Nikesh | The Dollar Business A weak demand for polished diamonds locally and globally is likely to affect India’s rough diamond imports, which is likely to decline by 10-15% in the current year, said news reports on Tuesday. Speaking to The Dollar Business, Sabyasachi Ray, ED, Gems & Jewelry Export Council (GJEPC), said the profitability of the industry has suffered due to high prices of rough diamonds and lesser demand for polished diamonds. Taking this and other scenarios, including the increasing cost of finance of Indian banks and undisclosed mixing of synthetic/lab grown diamonds, the business sentiment is not that conducive and the manufacturers have cut down their production from 10-40% in different cases which has resulted in the overall ...
