Budget 2022 Expectations: Jewellery Council Urges Centre To Reduce Import Duty On Precious Metals

Budget 2022 India: GJEPC urged the Centre to cut import duty on cut and polished diamonds from 7.5 per cent to 2.5 per cent

New Delhi: Budget 2022 is just around the corner. According to media reports, the Gem and Jewellery Export Promotion Council (GJEPC) has urged the Centre to reduce import duty on precious metals such as gold, silver and platinum from 7.5 per cent to 4 per cent. The suggestion was part of the Budget recommendations put forth by the jewellery body.

The Budget Session 2022 will begin on January 23, 2022. And Budget 2022 will be tabled in the Parliament on February 1, 2022. Finance Minister Nirmala Sitharaman will present the budget.

According to a report by IANS, GJEPC also urged the Centre to cut import duty on cut and polished diamonds from 7.5 per cent to 2.5 per cent. Besides, the body has also asked the government to permit the sale of rough diamonds in the ‘Special Notified Zone’ in Mumbai. Currently, only viewing of rough diamonds is permitted in the SNZ and no sale is allowed.

The jewellery council also asked the Centre to allow exporters to import 10 per cent of the total cut and polished diamonds at 0 per cent duty. “We now target to achieve $100 billion exports when India observes the centenary of its Independence,” Colin Shah, Chairman of Gem and Jewellery Export Promotion Council was quoted as saying.

He also said, “To kickstart the same, we appeal to the government to announce a special package for the gem and jewellery sector in the forthcoming Budget. Such favourable export and domestic policies would help elevate the gems and jewellery exports sector and lay a foundation for quantum growth. The only way to further scale up this sector is through policy reforms, which will make us more competitive in the global market.”

(With inputs from IANS)