In the Union Budget 2007-08 following facilities have been provided to this sector:
•Import duty on cut and polished diamond abolished.
•Import duty on unworked corals reduced from 30% to 10%.
•Import duty on rough synthetic stones reduced from 12.5% to 5%.
•Introduction of Income Tax on turnover basis for assesses engaged in diamond manufacturing and trading who declare profits from such activities at 8% or more of turnover.
•Other facilities extended to this sector are promotion of gems and jewellery products through advertisements, publicity campaigns and participation in international fairs, organizing buyer-seller meets abroad, etc. The Government also encourages creation of training infrastructure in this sector.
Export value of gems and jewellery in money terms during 2004-05, 2005-06 & 2006-07 (upto January, 2007) are as under:
Export Value
(in US Million $)
13,761.77
15,546.58
12,849.79 2006-07(up to Jan, 07)
This was stated by the Minister of State for Commerce, Shri Jairam Ramesh in a reply in the Rajya Sabha.
Press Information Bureau Government of India
marketing@alchempro.com
