“We welcome the measures made in the Union Budget for this sector, since the gem and jewelry industry has significantly boosted India’s GDP. By lowering the price of gold, silver, and platinum, customs charges to 6% and 6.5%, respectively, will increase sales of these precious metals.
The implementation of safe harbor rates for the diamond-cutting industry, for foreign mining companies selling rough diamonds in India, will stimulate growth, boost consumer spending, and increase global competitiveness. Furthermore, the reduction of TDS from 1% to 0.1% for e-commerce operators will substantially support the industry’s expansion. These new measures will not only strengthen the valued investment of Indian households in diamonds but also add to their emotional significance,” Amit Pratihari, MD, De Beers Forevermark.
