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India creates jewelry-industry task force

publish:2020-08-31

India's finance ministry has agreed to set up a special group to help resolve issues affecting the Indian gems and jewellery industry. The group will comprise officials from the Gems & Jewellery Export Promotion Council (GJEPC) and the customs and banking sectors.

The GJEPC said the task force will address various requests made by the industry, such as enabling the country's miners to sell rough diamonds directly, reducing import duty on polished diamonds from 7.5 per cent to 2.5 per cent, and issues related to the goods and services tax (GST).

“This would help address the sectoral concerns and resolve trade-related bottlenecks,” said GJEPC chairman Colin Shah. “It’s an important step towards attaining ease of doing business.” If any issues sent to the Task Force are not satisfactorily resolved, they may be forwarded to the Ministry of Finance for further review, Minister Nirmala Sitharaman added. 

Source:Rapaport

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