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 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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]]>In a virtual review meeting held between the Finance Ministry and the GJEPC on 18th August, the Hon’ble Finance Minister Smt. Nirmala Sitharaman called for the formation of a Special Group, including Customs and banking officials, to resolve all issues related to the gem and jewellery sector. The Finance Minister added that if the gem […]
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