Budget 2023: Gems and Jewellery industry body urges government to reduce import duty on cut and polished diamonds

ZeeBiz WebTeam, Mumbai, ZeeBiz WebDesk

The Gems and Jewellery Export Promotion Council (GJEPC) has very high expectations from the Union Budget 2023-24. It feels that if their demands are met it will boost the industry and create more employment.

The GJEPC regional chairman Vijay Manguki told IANS that the council has submitted a memorandum to the Union Finance Ministry demanding reduction in import duty on cut and polished diamonds; the present duty is 5 per cent, it needs to be brought down to 2.5 %. The same benefit should be extended to polished gemstones also.

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