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

Jul 10, 2014 6:59 AM   By Deena Taylor
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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
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