Union Budget: Diamond-jewellery industry welcomes announcement of new Export Promotion Mission, rues FM Sitharaman’s silence on relief package

Thereafter, helium added, “GJEPC further welcomes the connection of caller tariff items successful Chapter 71 truthful arsenic to separate precious metals – containing 99.9 per cent oregon much by value of silver, containing 99.5 per cent oregon much by value of gold, containing 99 per cent oregon much by value of platinum nether headings 7,106, 7,108 and 7,110, respectively. This determination aligns with the practice made by GJEPC for addressing the contented of classification of alloys of platinum (predominantly containing gold), which was invariably starring to a assertion of unwarranted customs work exemptions for import of platinum nether India-UAE CEPA.”

“The revision successful classification criteria of MSMEs particularly those with turnover from Rs 250 crore to Rs 500 crore volition assistance them execute higher efficiencies of scale, technological upgradation, and amended entree to capital. The hold of recognition warrant screen to MSMEs, starring to an further recognition of Rs 1.5 lakh crore successful the adjacent 5 years volition payment and supply a boost to the MSMEs successful the sector,” Shah explained.

The GJEPC chairman, however, requested the concern minister’s enactment for co-funding planetary diamond promotion campaigns, the inclusion of jewellery parks successful the harmonised infrastructure list, and an Infrastructure Support Fund to make a gem bourse successful Jaipur.

Nainesh Pachhigar, Regional President (Surat), India Bullion and Jewellers Association, said, “There were galore expectations for the diamond manufacture arsenic it has been passing done a unsmooth way of recession for the past 2 years. We expected the concern curate would state immoderate alleviation bundle for the diamond industry. We person besides requested that the 6 per cent work connected golden imports should beryllium reduced to 3 per cent truthful that the amerciable smuggling activities of golden successful India tin beryllium curbed. Through specified a simplification successful import work connected gold, we would prolong successful the planetary marketplace and we tin vie with China. We volition again marque specified a practice to the concern curate from our association. Our different request is that the Capital Gain Tax should beryllium removed from the Gems and Jewellery Industry sector… Earlier determination was a currency bounds of Rs 2 lakh connected the golden erstwhile its terms was Rs 50,000 and contiguous the gold price is Rs 85,000, but the currency bounds has remained the same.”

Jagdish Khunt, President, Surat Diamond Association, said, “We are not blessed with the budget… We person made representations to state immoderate economical packages for the diamond polishers who are facing fiscal crises. There are implicit 4 lakh diamond polishers moving successful the diamond manufacture successful Surat and the recession has affected their lives. We person besides demanded that low-interest loans beryllium fixed to diamond mill owners truthful that they could past and it was besides not looked into by the concern minister. The diamond manufacture of Surat is known worldwide arsenic a hub of diamond cutting and polishing, truthful determination were much expectations from the concern minister.”