A plea to eliminate the 2% equalisation levy on rough diamonds purchased through e-auctions was made to three Union ministers by the Gems and Jewellery Export Promotion Council (GJEPC) Gujarat Region on Saturday.
In the upcoming Union Budget, the delegation had also asked for a reduction in import taxes on cut and polished diamonds as well as precious metals including gold, silver, and platinum.
Vijay Mangukiya, the chairman of the GJEPC Gujarat region, and Dinesh Navadia, the head of the Indian Diamond Institute, led a delegation that met with Mansukh Mandaviya, the union minister of health and family welfare, chemicals and fertilisers, Darshana Jardosh, the union minister of state for railroads and textiles, and Purshottam Rupala, the union minister of fisheries, animal husbandry, and dairying, on
“The government had earlier promised that the 2 percent equalisation fee on the rough diamonds sourced through e-auctions will not be paid, but it has not been implemented and diamond merchants still have to pay,” Mangukiya said in an interview with The Sunday Express. Since Nirmala Sitharaman, the Union Finance Minister, was not there, we spoke with Mansukh Mandaviya, Darshana Jardosh, and Purshottam Rupala.
“We have also asked for a reduction in the import duty on cut and polished diamonds and precious metals,” Mangukiya continued. The diamond business is currently going through a difficult phase, which is the cause.
The government of India established the Gem & Jewellery Export Promotion Council with the goal of promoting the country’s gem and jewellery industry and its goods.
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.
