News

Advanced Search

India's Budget Proposes 2.5% Duty on Imported Polished Diamonds

Jul 10, 2014 6:59 AM   By Deena Taylor
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... India's Finance Minister Arun Jaitley proposed a 2.5 percent customs duty on semi-processed, half-cut or broken diamonds, cut and polished diamonds and colored gemstones to prevent misuse and avoidance of assessment disputes. During his speech to Parliament, he also proposed that pre-forms of precious and semi-precious stones would be fully exempted from basic customs duty in an effort to encourage exports.

In May, India elected a new government led by Prime Minister Narenda Modi. In the run-up to the elections, Modi was largely endorsed by the diamond industry under the premise that he would work toward rejuvenating domestic jewelry demand and help revive local diamond trading. The new government is pro-business and aims to spur growth in the country's economy.
Tags: Arun Jaitley, Deena Taylor, diamonds, Duty, India, Narenda Modi, Precious stones
Similar Articles
Graff Bond Street storeGraff Hit by Ransomware Attack
Nov 01, 2021
Graff has become the victim of a cyberattack, with criminals gaining access to personal data belonging to some
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.