Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget.
GJEPC also suggested a reduction in the import duty on cut and polished diamonds; cut and polished precious and semi-precious gemstones from 7.5 per cent to 2.5 per cent, as part of of its pre-Budget recommendations.
The other suggestions include an amendment in taxation provisions to allow the sale of rough diamonds in special notified Zone in Mumbai; and extension of the sunset clause for SEZ units.
India is the fifth largest exporter of gems and jewellery, contributing 5.8 per cent of the global gems and jewellery exports, stated GJEPC Chairman Colin Shah.
(With inputs from PTI)
