India's Gem & Jewellery Export Promotion Council (GJEPC) has submitted proposals to the Ministry of Commerce & Industry with one-year and three-year action plans for the expansion of the gem and jewelry trade.
The plans call for a turnover-based taxation system for the Indian diamond sector, carrying out a Special Notified Zone in the Bharat Diamond Bourse in Mumbai under the supervision of the GJEPC to enable the import of rough diamonds on consignment basis by RBI-approved overseas diamond firms.
The proposals also call for reduced duties on gold and silver imports, the abolition of import duty on cut and polished colored gemstones, and the expansion of skill development activities in the gem and jewelry sector.
The GJEPC plans also request government assistance with the direct supply of rough diamonds and colored gemstones, developing promotional links with foreign jewelry centers, such as those in Italy and Turkey.
