India’s diamond industry welcomed a raft of measures announced in today’s budget (23 July) which will encourage direct diamond sales from foreign mining companies and reduce tax on key raw materials. Finance Minister Nirmala Sitharaman said safe harbor rates would be introduced, providing fixed and favorable tax rates for rough purchases in the country’s SNZs […]

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The Indian government is being urged to adopt a raft of measures to benefit its gem and jewelry industry, which has been badly hit by a global downturn in demand. The GJEPC (Gem and Jewellery Export Promotion Council) is calling for the introduction of a safe harbor rule in SNZs (Special Notified Zones) that would […]

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The Indian government today announced an immediate abolition of the five per cent import levy on the graphite seeds used to create lab grown diamonds. The move is seen as a major boost to India’s small but growing lab grown sector, and follows the announcement last August that the State Bank of India (SBI) would, […]

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