• Trusted Suppliers
  • Artisans Gallery
  • Shows
  • Directory
    • Gemstones Suppliers
    • Rough Stone Suppliers
    • Silver Jewelry Suppliers
    • Gold Jewelry Suppliers
    • Artificial Jewelry Suppliers
    • Kundan Meena Jadau Jewelry
    • Jewelry Findings Suppliers
    • Jewelry Alloy Suppliers
    • Tools & Machinery Suppliers
    • Labs & Institutes
    • CAD/CAM
  • News & Trends
    • Industry
    • Retail
    • Fashion
    • Diamond
    • Color Stone
    • Pearls
    • Gold
    • Silver
    • Watches
    • Bridal
    • Whats Hot
    • Shows & Events
  • Jewelry Information Center
    • About Gemstones
    • Ring Size Guide
    • Jewelry Care
    • Stone Weight Chart
    • Learn About CAD/CAM
    • Jewelry Photography Tips
    • Online Selling Tips
    • World Famous Diamonds
    • Utilities & Softwares for Jewelers
    • Global Jewelry Association
    • Jobs for jewelers
Search
TheJewelryCentral
Jewelry Magazine Online Jewelry Magazine Online The Jewelry Magazine
  • Trusted Suppliers
  • Artisans Gallery
    • MOSE AND INES ARENAS: "JEWELRY CURATORS"
      Artisans Gallery

      MOSE AND INES ARENAS: “JEWELRY CURATORS”

      Sanjay Soni
      Artisans Gallery

      ISHITA JEWELLERS

      Surendra Kumar Anand Kumar Soni
      Artisans Gallery

      Surendra Kumar Anand Kumar Soni

      attar-singh
      Artisans Gallery

      Journey of a Jewel – Kundan Jewellery Artisan : Attar Singh…

      Artisans Gallery

      SHIMLESH VYAS, THE ARTIST AS IDEALIST

  • Shows
    • SRK Exports Wins Hurun Report’s ‘Most Respected Family Business of the Year’ Award
      Shows & Events

      SRK Exports Wins Hurun Report’s ‘Most Respected Family Business of the…

      VICENZAORO JANUARY: SUSTAINABILITY, BUSINESS, TRENDS, INNOVATION AND TRAINING AT THE CENTRE OF IEG’S BOUTIQUE SHOW
      Shows & Events

      VICENZAORO JANUARY: SUSTAINABILITY, BUSINESS, TRENDS, INNOVATION AND TRAINING AT THE CENTRE…

      GJEPC Holds Stall Allotment For Inaugural IIJS Tritiya
      Shows & Events

      GJEPC Holds Stall Allotment For Inaugural IIJS Tritiya

      IEG Top Jewellery Brands Set Trends at Vicenzaoro January, From Damiani to Roberto Coin, From Crivelli to Fope and Leo Pizzo
      Shows & Events

      IEG: Top Jewellery Brands Set Trends at Vicenzaoro January, From…

      Israel To Host First Full-Scale Intl. Diamond Week Since Covid
      Shows & Events

      Israel To Host First Full-Scale Intl. Diamond Week Since Covid

  • Directory
    • Gemstones Suppliers
    • Rough Stone Suppliers
    • Silver Jewelry Suppliers
    • Gold Jewelry Suppliers
    • Artificial Jewelry Suppliers
    • Kundan Meena Jadau Jewelry
    • Jewelry Findings Suppliers
    • Jewelry Alloy Suppliers
    • Tools & Machinery Suppliers
    • Labs & Institutes
    • CAD/CAM
  • News & Trends
    • Industry
    • Retail
    • Fashion
    • Diamond
    • Color Stone
    • Pearls
    • Gold
    • Silver
    • Watches
    • Bridal
    • Whats Hot
    • Shows & Events
  • Jewelry Information Center
    • About Gemstones
    • Ring Size Guide
    • Jewelry Care
    • Stone Weight Chart
    • Learn About CAD/CAM
    • Jewelry Photography Tips
    • Online Selling Tips
    • World Famous Diamonds
    • Utilities & Softwares for Jewelers
    • Global Jewelry Association
    • Jobs for jewelers
Home News & Trends Gems & jewellery sector seeks cut in gold import duty to 4%
  • News & Trends

Gems & jewellery sector seeks cut in gold import duty to 4%

June 29, 2019
870
Share on Facebook
Tweet on Twitter
Gems & jewellery sector seeks cut in gold import duty to 4%

The industry is also seeking to waive off the bank commission or reduce it to 0.20 percent, to boost digital transactions in the industry.

On the onset of the Union Budget for 2019-20, the gems and jewellery sector has unanimously sought the reduction of gold import duty to 4 percent to check to smuggle in a big way.

In representation, the All India Gem and Jewellery Domestic Council (GJC) said the 10 percent import duty on gold was levied to curb current account deficit (CAD), which has narrowed to 2.5 percent of GDP in 2019.

“We want the government to reduce the import duty to 4 percent which will help in completely eradicating the grey market,” GJC Chairman Anantha Padmanabhan told PTI.

The industry is also seeking to waive off the bank commission or reduce it to 0.20 per cent, to boost digital transactions in the industry.

Banks charge 11.5 percent commission on the credit card, which makes jewellery costlier to the customer by the same per cent, hence encouraging cash transactions, GJC said in the recommendations.

The jewellers further sought relief from capital gain tax to help the industry to move towards organised and compliant business practices.

GJC urged the finance ministry for extending EMI facility to the gems and jewellery industry, which will help the industry.

The industry also sought the increase of PAN card limit to Rs 5 lakh.

“A mangalsutra, four pieces of bangles, a small nose pin along with rings for bride and groom weighs more than 100 grams which itself costs around Rs 3-4 lakh. Many households do not hold PAN cards, especially in the agriculture sector. Hence, they face difficulty in arranging the minimum required jewellery. We recommend raising the PAN card limit from Rs 2 lakh to 5 lakh,” it added.

Echoing a similar view, Gem Jewellery Export Promotion Council (GJEPC) in their pre Budget proposals also sought reduction of import duty to 4 percent from the current 10 per cent.

GJEPC also sought a reduction in import duty on cut and polished diamonds to 2.5 percent from 7.5 per cent.

According to the proposal, the import duty was increased to lessen CAD to 7.5 percent in September 2018.

“Mis-calculation happened in compiling import figures by DGCI&S as the returned consignments were not taken into consideration. We want a level playing field with other world centres to maintain our global leadership position,” GJEPC Chairman Pramod Agrawal said in the proposal.

The exporters body also want the introduction of a realistic turnover taxation regime like Belgium for Special Notified Zone (SNZ) for diamonds trading in Mumbai.

To provide facility to Foreign Mining Companies (FMCs) or it’s trading arms (not having sales offices in India) for availing SNZ facility in the country for trading of its rough diamonds.

Further, GJEPC urged the government to have a Special Notified Zone in Surat as it is the hub for diamond cutting and polishing industry dealing mostly in small gemstones.

This SNZ will provide direct access to SMEs of the sector based in Gujarat to mining companies, the proposal said.

GJEPC also demanded the introduction of a separate HS Code for all laboratory-grown stones and add 71042010 for laboratory-grown diamonds and expansion of HS codes under precious metal jewellery and imitation jewellery.

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.

  • TAGS
  • b2c gems and jewelry
  • Current Account Deficit
  • ecommerce industry news
  • fashion industry
  • Foreign Mining Companies
  • gem and jewellery industry News
  • Gems & Jewellery
  • gems and jewellery industry in india
  • gems and jewellery industry News
  • gems and jewelry exports
  • gems and jewelry news
  • gemstone industry news
  • GJC
  • GJEPC Chairman
  • gold import duty
  • imitation jewellery
  • India Gem and Jewellery
  • Jeweler News
  • Jewellery Domestic Council
  • jewelry industry news and trends
  • Jewelry News
  • latest News online
  • online jewelry magazine
  • precious metal jewellery
  • Special Notified Zone
  • the gems and jewelry
  • the gems and jewelry industry
  • The jewelry industry
SHARE
Facebook
Twitter
  • tweet
TJM

RELATED ARTICLESMORE FROM AUTHOR

De Beers' 6% Increase in Q4 Production
News & Trends

De Beers’ 6% Increase in Q4 Production

GJEPC’s Gujarat Registration Camp Converts 30 Non-Exporters To Exporters In A Single Day
News & Trends

GJEPC’s Gujarat Registration Camp Converts 30 Non-Exporters To Exporters In A Single Day

US to Spend $5.5bn on Valentine's Jewelry
News & Trends

US to Spend $5.5bn on Valentine’s Jewelry

Tanishq Opens First Stores in US and Abu Dhabi
News & Trends

Tanishq Opens First Stores in US and Abu Dhabi

Richemont Jewelry Sales Rise, Despite Covid in China
News & Trends

Richemont Jewelry Sales Rise, Despite Covid in China

Nootan Thawai Named Director of Production and Services for Gemological Science International
News & Trends

Nootan Thawai Named Director of Production and Services for Gemological Science International

Related articles

GJEPC’s Gujarat Registration Camp Converts 30 Non-Exporters To Exporters In A Single Day

GJEPC’s Gujarat Registration Camp Converts 30 Non-Exporters To Exporters In A Single Day

News & Trends
GJEPC had organised a webinar to create awareness on “How to export small parcels” a few days ago. More than 500 members had attended...
De Beers Rough Sales Down 30% to $450m

De Beers Rough Sales Down 30% to $450m

Industry
De Beers today reported $450m of rough sales during its first cycle of 2023, down over 30 per cent on 2022. That's despite reports that...
De Beers' 6% Increase in Q4 Production

De Beers’ 6% Increase in Q4 Production

News & Trends
De Beers today reported an increase of almost six per cent in its total rough production during Q4, to 8.2m carats. Total output for the...
Angola's 2022 Diamond Sales up to $1.95bn

Angola’s 2022 Diamond Sales up to $1.95bn

Diamond
Angola exported 8.75m carats last year, well down on its original forecast of 13.8m. But total revenue was $1.95bn, the Ministry for Mineral Resources, Oil...
India’s Gold Jewellery Demand Slips 2% To 600.4 Tonnes In 2022; Gold Imports Plunge 27%

India’s Gold Jewellery Demand Slips 2% To 600.4 Tonnes In 2022; Gold Imports Plunge...

Gold
Total jewellery demand in India for 2022 was down by 2% to 600.4 tonnes as compared to 610.9 tonnes in 2021, it noted. The...
- Advertisement -
The Jewelry Central

Follow us on Instagram @thejewelrymagazine

Rebus Introduces SMO Gold Nautical Signet Rings R Rebus Introduces SMO Gold Nautical Signet Rings

Rebus is hosting new in-person and virtual appointments for designing personalized, ocean-inspired signet rings.
Aquatic symbols have been timeless for centuries, from the talismanic representation of Poseidon and mythology to expressions of the figurative. For some, the sea is smooth and peaceful, giving a calming effect, for others, it is wild and restless, like its waves crashing against the shore...

https://www.thejewelrymagazine.com/rebus-introduces-smo-gold-nautical-signet-rings/

#AboutRebus #jewelryindustrynewsandtrends #Rebus #Rebuscollection #RebusNauticalSignetRing #RebusSignetRings #signetringbyRebus #Thejewelryindustry
How To Pair Tantalum Rings With Your Clothing And How To Pair Tantalum Rings With Your Clothing And Jewelry

Jewelry and other accessories never fail to elevate anyone’s outfit. These beautiful pieces can instantly glam up anyone’s dull clothes. If you’re a man who loves wearing rings and is currently thinking of ways to wear your tantalum ring...

#basicjewelrycare #companydresscodes #EtrnlRings #fashionjewelryindustrynews #jewelryindustrynewsandtrends #PairTantalumRings #tantalumrings #TantalumWithSilver #Thejewelryindustry
Why Are Rolex Watches so Famous? Rolex watches ar Why Are Rolex Watches so Famous?

Rolex watches are some of the most famous and popular watches worldwide. But why are they so famous? What makes them so special? In this article, we find out more about Rolex’s fame and popularity.
Rolex is one of the most iconic and respected luxury...

#BestLuxuryWatches #BestOfficeWearWatches #rolexwatches #watchesindustry #watchesindustrynews #watchesindustrytrends
What is The Difference Between Natural and Lab-Cre What is The Difference Between Natural and Lab-Created Emerald?

Lab-grown emeralds look so much like natural emeralds. In an actual sense, you will have a tough time differentiating a natural emerald from a lab-grown emerald. Despite the similarity between the two emeralds, there are slight differences between...

#BIRONGems #emeraldsjewelry #emeraldsnews #jewelryindustrynewsandtrends #LabGrownEmeralds #naturalemeralds #Thejewelryindustry
PhotoScribe Attains Patent for Secured Diamond and PhotoScribe Attains Patent for Secured Diamond and Gemstone Identification

A new patent from PhotoScribe Technologies combats forgeries and guarantees the authenticity of diamonds and gemstones.

New York, NY. November 21, 2022. The world’s leading innovator in diamond inscription, PhotoScribe Technologies,...

#ArtificialIntelligence #diamondmatches #diamondsandgemstones #jewelryindustrynewsandtrends #PhotoScribeTechnologies #Thejewelryindustry
5 Reasons Why Diamonds are the Best Gemstones for 5 Reasons Why Diamonds are the Best Gemstones for Making an Engagement Ring

According to Grand View Research, the global diamond market will hit a value of over $123 billion come 2030, and for a good reason. Diamonds are the ultimate symbol of love. They’re rare and precious, and they last forever. When you think about it...

#diamondengagementring #diamondsjewelry #diamondsjewelrystore #rarecarat #rounddiamonds
A bigger and brighter JGT Dubai awaits Internatio A bigger and brighter JGT Dubai awaits

International B2B sourcing event to return for second edition with more exhibitors, expanded show floor from 12 – 14 February 2023 at DWTC; Premier sourcing destination to host second annual JWA Dubai Awards Presentation Ceremony and Panel Discussion...

#dmccdubai #DMCCNews #DubaiMultiCommoditiesCentre #DubaiWorldTradeCentre #DWTC #Goldencity #GraziellaGroup #InternationalB2BEvent #ItalianExhibitionGroup #JewelleryWorldAwards #JewelleryWorldAwards2023 #JGTDubai #JGTDubai2022 #JGTDubai2023 #JNAAwards #JWADubaiAwards #JWADubaiAwards2022 #KGKJewellery
New Karina Brez Lucky Horseshoe Collection Launch New Karina Brez Lucky Horseshoe Collection Launch for your consideration

KARINA BREZ LAUNCHES LUCKY HORSESHOE, A COLORFUL GEMSTONE AND ENAMEL FINE JEWELRY COLLECTION

A modern take on a classic design, equestrian designer Karina Brez introduces the new Lucky Horseshoe Collection for the Holiday Season...

#AboutKarinaBrez #classicdiamondhorseshoe #jewelrycollection #jewelryindustrynewsandtrends #KarinaBrez #LuckyHorseshoeCollection #LuckyHorseshoeNecklace #Thejewelryindustry

Company

About Us
Contact Us
Sitemap
Terms & Condition
Privacy Policy

Subscription

Advertise
Magazines
Create Directory
Trusted Suppliers
Free Business Website

Company

About Us Contact Us Sitemap Terms & Condition Privacy Policy

Subscription

Advertise Magazines Create Directory Trusted Suppliers
TJM LOGO

Subscribe to our Newsletter

Check your inbox or spam folder to confirm your subscription.

Jewelry News
ABOUT US
Promoted by experts of Gem and Jewellery trade and Media. Established in 2016, TJM is committed effectively the scattered efforts of individual jeweller to make the Gem and Jewellery sector a powerful engine driving India’s export-let growth.
Contact us: info[@]thejewelrymagazine[.]com
FOLLOW US
© 2023 TheJewelryMagazine.COM
MORE STORIES
TOP FIVE Engagement ring trends shining in Hollywood

TOP FIVE: Engagement ring trends shining in Hollywood

ALROSA

ALROSA Funds Kharyskhal Children’s Center in Mirny

WGC Survey Shows Healthy Gold Retail Market, but Awareness Lacking

WGC Survey Shows Healthy Gold Retail Market, but Awareness Lacking

X