Budget 2024: From import duty cut to Diamond Imprest Licence, here’s what gem and jewellery sector expects
5 months, 1 week ago

Budget 2024: From import duty cut to Diamond Imprest Licence, here’s what gem and jewellery sector expects

Live Mint  

The jewellery industry is eagerly anticipating potential duty cuts on gold, silver, diamonds, and platinum in the upcoming 2024-25 Budget, to be presented by Finance Minister Nirmala Sitharaman on July 23. I request the Hon’ble Finance Minister to introduce a Safe Harbour rule in SNZs, introduce the Diamond Imprest License, and reduce the import duty on gold, silver, and platinum bars to 4%; and introduce duty drawback on exports of platinum Jewellery to take advantage of India UAE CEPA. Enabling these trading houses to function within SNZs under similar facilitation as diamond mining companies would ensure that India gains more flexible, timely, and cost-effective access to diamonds sourced from smaller miners. Introduction of Diamond Imprest Licence Under the beneficiation scheme, certain mining countries mandate that raw or rough diamonds cannot be exported without undergoing some value addition, such as cutting. The primary objective of establishing SNZs was to ensure easy access to rough diamonds by creating procurement efficiencies and enabling overseas diamond mining companies to sell their products directly to Indian manufacturers.

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History of this topic

Gold, silver duty cut to benefit Kerala's consumers
5 months ago

Gold, silver duty cut to benefit Kerala's consumers

New Indian Express  

KOCHI: Consumers in Kerala, one of India’s largest markets for gold and silver jewellery, are expected to benefit significantly from the reduction in Basic Customs Duty on gold and silver from 10% to 5%, and the Agriculture Infrastructure & Development Cess from 5% to 1%. Sachin Jain, WGC regional CEO, India, said reduction of duty on gold will boost overall …

Customs duty cuts across sectors: Experts predict rise in consumer confidence and spending
5 months ago

Customs duty cuts across sectors: Experts predict rise in consumer confidence and spending

Deccan Chronicle  

Tirupati: Finance minister Nirmala Sitharaman's Union Budget 2024-25 on Tuesday has set the stage for significant shifts in consumer spending patterns and market dynamics. She announced a reduction in basic customs duty on mobile phones, mobile printed circuit board assembly and mobile chargers from 20 per cent to 15 per cent. This would boost domestic manufacturing, reduce import dependence and …

Gold Rate, Budget 2024: Jewellery stocks surge after government cuts basic custom duty on gold, silver
5 months ago

Gold Rate, Budget 2024: Jewellery stocks surge after government cuts basic custom duty on gold, silver

The Hindu  

Shares of gold and jewellery retailers surged on July 23 after Finance Minister Nirmala Sitharaman said the government will reduce the basic customs duty on the yellow metal and silver to 6%. In addition, shares of Titan Company climbed 3.66% to ₹3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79% to ₹140.20, and Kalyan Jewellers India gained 1.54% to ₹537.05 apiece …

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry
5 months ago

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry

The Hindu  

Union Finance Minister Nirmala Sitharaman has proposed to reduce Customs Duties on gold and silver to 6% and on platinum to 6.4% providing big relief to buyers of these precious metals. As per the proposal, duty on gold bars has been cut from 15% to 6%, gold dore from 14.355 to 5.35%, for platinum from 15.4% to 6.4%, for silver …

Mint Explainer: How delayed EU sanctions bring relief to Indian diamond industry
5 months, 3 weeks ago

Mint Explainer: How delayed EU sanctions bring relief to Indian diamond industry

Live Mint  

The decision by the European Union on 24 June to defer its stricter sanctions on the import of Russian diamonds to March 2025 came as a big relief to the Indian diamond industry, particularly the polishing sector. The postponement of sanctions has brought significant relief to the Indian diamond industry, which heavily relies on imports of Russian diamonds. The Mint …

Gold, silver import surges 210% in 2023-24 from UAE; need duty revision in FTA: GTRI
6 months, 1 week ago

Gold, silver import surges 210% in 2023-24 from UAE; need duty revision in FTA: GTRI

The Hindu  

“India’s gold and silver imports from its free trade agreement partner UAE have skyrocketed 210% to $10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge,” a report said on June 17. Economic think tank Global Trade Research Initiative said this sharp rise …

Surat, not Belgium: India pushes back on G7's diamond checks
7 months, 4 weeks ago

Surat, not Belgium: India pushes back on G7's diamond checks

Live Mint  

MUMBAI, NEW DELHI : India is scrambling to soften the impact of curbs on diamond exports to G7 nations, which want the gems tested in Belgium to ensure they did not originate in Russia. The proposal, made by a G7 technical committee, is particularly troubling for Indian diamantaires since the domestic industry cuts or processes 10 out of 11 of …

The hike in import duties for gold, silver findings | Explained
10 months, 2 weeks ago

The hike in import duties for gold, silver findings | Explained

The Hindu  

The story so far: In a move towards standardisation and preventing the circumvention of duty, the Finance Ministry on Tuesday hiked import duties on gold and silver findings and coins of precious metal to 15%. As observed in the Ministry of Commerce’s Trade Stat database, import of unwrought gold and/or gold in semi-manufactured form in October 2023 rose 95.41% on …

India urges G7 to defer incoming ban on Russian diamonds as rules lack clarity
1 year ago

India urges G7 to defer incoming ban on Russian diamonds as rules lack clarity

Firstpost  

Russia is the world’s biggest producer of rough diamonds by volume. India has requested the Group of Seven nations to defer the imminent ban on Russian diamonds due to uncertainties surrounding the rules for tracing the origins of gems, according to two informed sources. Earlier this month, G7 countries announced a direct ban on Russian diamonds effective from January 1, …

Indian exports shielded from G7 ban on Russian diamonds
1 year ago

Indian exports shielded from G7 ban on Russian diamonds

Live Mint  

New Delhi: A decision by the Group of Seven nations to ban imports of polished diamonds made from Russian rough stones from early next year will not hurt Indian diamantaires, a senior government official said on Friday. India, which cuts 14 out of 15 of the world’s rough diamonds, according to government data, does not import the stones directly from …

India's export of cut, polished diamonds may fall by 22% in FY24 on sluggish demand: Icra
1 year, 2 months ago

India's export of cut, polished diamonds may fall by 22% in FY24 on sluggish demand: Icra

The Hindu  

India's export of cut and polished diamonds is projected to decline by 22% to $17.2 billion in the current fiscal due to weakened demand from the key consuming nations, according to rating agency Icra. In the first five months of the current fiscal, cut and polished diamond exports witnessed a sharp year-on-year decline of 31% following lower export volumes and …

India asks US to release funds frozen over suspected Russia diamond link: Report
1 year, 3 months ago

India asks US to release funds frozen over suspected Russia diamond link: Report

Firstpost  

India has asked the United States to release $26 million belonging to at least two Indian diamond firms frozen due to their alleged trade links with sanctioned Russian diamond major Alrosa, according to a report, citing three Indian sources India has asked the United States to release $26 million belonging to at least two Indian diamond firms frozen due to …

Budget 2023 | Silver to get costlier as govt. raises basic customs duty to 10%
1 year, 10 months ago

Budget 2023 | Silver to get costlier as govt. raises basic customs duty to 10%

The Hindu  

Silver and silver jewellery will become expensive as the government on Wednesday announced increasing the basic customs duty on silver, both in dore and semi-manufactured form, to 10% in order to curb imports. Currently, the basic customs duty on silver dore is 6.1%, while on silver unwrought or semi-manufactured items it is 7.5%. The basic customs duty on both silver …

Budget 2023 | Lab Grown Diamond segment gets leg up with duty cut, R&D support
1 year, 10 months ago

Budget 2023 | Lab Grown Diamond segment gets leg up with duty cut, R&D support

The Hindu  

To harness the potential of Lab Grown Diamond or synthetic diamond segment, the Union Budget 2023-24 presented by the Finance Minister Nirmala Sitharaman has laid emphasis on research & development as well as to make it competitive in the international markets. Vipul Shah, Chairman, Gem & Jewellery Export Promotion Council said the FM” decision to accept their recommendation pertaining to …

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise
1 year, 11 months ago

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise

News 18  

The government is examining to hike customs duty on more than 35 items in the upcoming budget, which is scheduled to be announced on February 1, according to an Economic Times report. Meanwhile, the commerce ministry has also sought a reduction in the import duty on gold in the budget with a view to push exports and manufacturing of the …

India studying U.S. sanctions on Russian diamond major Alrosa
2 years, 8 months ago

India studying U.S. sanctions on Russian diamond major Alrosa

The Hindu  

The United States’ decision to impose stricter sanctions on Alrosa of Russia, a major player in India’s gems and jewellery industry, was being evaluated, sources in the industry said on Friday. Biggest supplier The latest sanctions on the major supplier of Russian rough diamonds to India, came hours after India and the United States announced the April 11 “2+2” ministerial …

Union Budget 2022 | What is cheaper and what is costlier?
2 years, 10 months ago

Union Budget 2022 | What is cheaper and what is costlier?

The Hindu  

The government on Tuesday proposed to increase the basic customs duty on import of commonly used items, including headphones and earphones, loudspeakers, smart meters, imitation jewellery, solar cells, solar modules to promote domestic manufacturing in the in the Union Budget for 2022-23. However, imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid …

Union Budget 2022: Centre cuts import duty on cut and polished diamonds, gemstones to 5%
2 years, 10 months ago

Union Budget 2022: Centre cuts import duty on cut and polished diamonds, gemstones to 5%

Firstpost  

At present, import duty on cut and polished diamonds as well as gemstones is 7.5 per cent. New Delhi: Finance Minister Nirmala Sitharaman on Tuesday announced cutting import duty on cut and polished diamonds and gemstones to 5 per cent while on sawn diamond to nil in order to boost the sector. “To give a boost to the gems and …

Budget 2022: Polished diamonds, gemstones to get cheaper | Details
2 years, 10 months ago

Budget 2022: Polished diamonds, gemstones to get cheaper | Details

India TV News  

Highlights Prices of polished diamonds, and gemstones are set to get cheaper in budget. Prices of polished diamonds, and gemstones are set to get cheaper with the government reducing the customs duty taxes, and reducing import duty in the budget. The Budget said customs duty on cut and polished diamonds and gemstones are being reduced to 5 percent in order …

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver
3 years, 10 months ago

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver

India TV News  

The Modi government has announced a cut in the import duty on gold and silver, a move welcomed by the industry as it will bring down prices of precious metals in the domestic market and boost exports of gems and jewellery. Finance Minister Nirmala Sitharaman in her budget speech said that to bring the prices of precious metals closer to …

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST
3 years, 10 months ago

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST

India TV News  

The gem and jewellery industry has a lot expectation from the Modi government in the upcoming Union Budget 2021-22. According to Ashish Pethe, the chairman of All India Gem and Jewellery Domestic Council, the government should assess the adverse impact of higher import duty on the jewellery trade and suggested to cut the customs duty to 4 per cent from …

Union Budget 2021: Gems, jewellery industry seeks reduction of import duty to 4%
3 years, 11 months ago

Union Budget 2021: Gems, jewellery industry seeks reduction of import duty to 4%

Firstpost  

All India Gem and Jewellery Domestic Council chief Ashish Pethe said the EMI facility should be extended to their industry and to increase the cash purchase limit to Rs 1 lakh from Rs 10,000 Mumbai: The gem and jewellery industry has sought reduction in customs duty on gold to four percent, withdrawal of tax collected at source, cut in import …

Rough diamond imports grow after seven months as order come in
4 years, 2 months ago

Rough diamond imports grow after seven months as order come in

Deccan Chronicle  

Chennai: Rough diamond imports have witnessed positive growth in September, after a gap of seven months. The cutting and polishing industry imported Rs 9905 crore worth rough diamonds in the month of September against Rs 8231 crore worth goods in the same month last year- registering a positive growth of 20 per cent. Import of cut and polished diamonds in …

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