India’s Gem & Jewellery Export Promotion Council (GJEPC), a state-backed body that promotes Indian gem and jewellery exports, has called for a cut in the polished diamond import duty to 2.5 percent from its current rate of 7.5 percent in order to boost the country’s potential as a trading and distribution hub.
The issue was discussed in a video meeting between the GJEPC’s leadership team and Indian Finance Minister Nirmala Sitharaman on July 6, according to a GJEPC statement.
“India is the undisputed leader in diamond manufacturing and aims to become the largest trading centre globally,” a GJEPC spokesperson told Rapaport News. “This would be achieved if a larger volume of diamonds…came to India for further distribution. Currently, [this] is done through Hong Kong or Dubai.”
India processes most of the world’s diamonds, with leading manufacturing centres in Mumbai and Surat.