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Diamonds Industry Demand The Removal Of Import Duties On Raw Materials

A seed, which is an important raw ingredient, is used to create a lab-grown or man-made diamond.

Gem and jewellery exporters on January 9 urged the government to announce support measures like the abolition of import duty on raw material for lab-grown diamonds. The industry said in light of the high inflation and economic crisis in the U.S. and Europe, the exports of diamonds and jobs have been impacted.

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On January 9, gem and jewellery exporters encouraged the government to include in the next Budget measures such as the elimination of import duties on raw materials for lab-grown diamonds and a jewellery repair programme to stimulate the sector and increase exports.

The sector also requested presumptive taxes on diamond sales in special notified zones, as well as the introduction of the proposed DESH bill, which would replace the present law for special economic zones.

The industry is seeking a form of “diamond package” in the next Budget, claiming that due to rising inflation and economic crises in the United States and Europe, as well as repeated lockdowns in China, diamond exports and jobs in Surat have been harmed.

The world’s traditional source of rough diamonds is threatened by deposit depletion, which contributes to the exponential growth in extraction costs. As a result, industries have discovered lab-grown diamonds to be a successful alternative.

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Diamonds Industry Demand

These lab-grown or man-made diamonds (LGDs) are manufactured in a laboratory using cutting-edge technologies under strict conditions. They resemble real diamonds in terms of physical appearance, chemical composition, and optical properties. An LGD is made from a seed, which is an important raw element.

“It is anticipated that by 2025, worldwide gems and Jewellery exports would see LGD contribute 10%, hence owning the ability to accelerate economic growth. There will be a significant reduction in reliance on imports, which will help to reduce foreign exchange remittances.

“If the levy on seeds is repealed, job prospects will expand, and auxiliary areas will witness the emergence of employment opportunities,” said Colin Shah, founder and Managing Director of Kama Jewelry.

He was previously the head of the Gem and Jewelry Export Promotion Council.

Mr. Shah stated that nations such as the UAE, Hong Kong, and Turkey are important rivals of India since they have a straightforward method of re-importing jewellery for repair and exporting it abroad.

“India clearly has the potential to be the global repair capital in gems and jewellery. Large exporters will find it simple to establish service centres here for the import and re-export of outright exported jewellery. “This would generate employment, transfer technology, and improve India’s exports,” he continued.

Demanding a diamond package, Surat-based Indian Diamond Institute Chairman Dinesh Navadiya stated that the gem and jewellery industry is requesting that the government announce supportive measures for the industry in the upcoming Budget because it has enormous potential to create jobs and increase exports.

According to the council, gems and jewellery exports were $2.5 billion in November 2022, up from $2.4 billion the previous year.

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FAQs

Thus, the price of a 1-carat diamond will be around INR 250000, depending on the diamond grade.

At Truoosh, we’re here to help you navigate this overwhelming world of stuff. All of our market picks are independently selected and curated by the editorial team. All product details reflect the price and availability at the time of publication. If you buy something we link to on our site, Truoosh may earn commission.

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Billionaire Laurence Graff paid a record-breaking $46.1 million for a magnificent vivid pink diamond weighing 24.78 carats. Originally owned by his competitor Harry Winston, it now carries graff’s name and is a part of the legendary collection of rare diamonds.

We usually advise brilliant round diamonds with a cut grade of very good, ideal, or super ideal for engagement rings (also known as hearts and arrows). A high cut grade maximises a diamond’s beauty for a given carat weight.

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It’s crucial to have a concept of what you might prefer before starting your search because it will enable you to focus on fewer of the many engagement ring possibilities that are now available. Also, when you initially start browsing, it helps to have a few distinct design concepts and the overall budget because the variety can be overwhelming.

Here are Engagement Ring Trends 2023:

1. Modern Art-Deco
2. Colored Stones
3. Lab-Grown Diamonds
4. East-West Settings
5. Multiple Large Stones

The traditional round diamond form, which is the most common, may come to mind when you think of diamonds. But if you want something different, a tonne of alternative forms may be found to suit your unique taste and style. Each diamond shape has its own fire and brilliance because they are cut to different standards, altering how they reflect light.

The most popular kinds of diamonds are listed below:

1. Round Brilliant Cut Diamonds
2. Princess-Cut Diamonds
3. Marquise-Cut Diamonds
4. Cushion-Cut Diamonds
5. Emerald-Cut Diamonds
6. Radiant-Cut Diamonds
7. Pear-Shaped Diamonds
8. Oval Diamonds
9. Asscher-Cut Diamonds