India’s GJEPC urges cut in polished diamond import duty

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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.

India’s GJEPC urges cut in polished diamond import duty
Opening of IIJS Signature show in Mumbai in February 2020

 

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