Many businesses and organisations in the gem and jewellery industry are requesting lower import taxes on a range of product categories in the 2019 government budget. The Gem and Jewellery Export Promotion Council has requested government support in order to boost exports at more advantageous prices.
The Press Trust of India said that before to the budget, GJEPC and Finance Minister Nirmala Sitharaman met in New Delhi to discuss the financial issues now besetting the jewellery industry. The GJEPC proposed reducing the import duties on gold, silver, and platinum bars because the gem and jewellery sector contributes over 10% of India’s total goods exports.
“The council has also sought a reduction in import duty on precious metals ‘gold bar’ from 15% to 4%,” the Press Trust of India said, citing a statement issued by the GJEPC. “By doing this, the duty blockage of about Rs 982.16 crore can be released, providing the industry with more working capital.”
