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Informist, Friday, Dec. 27, 2024

 

MUMBAI – The Gem and Jewellery Export Promotion Council has urged the government to allow duty-free imports of platinum through nominated agencies to create an ecosystem for the precious metal. In a pre-budget meeting with Finance Minister Nirmala Sitharaman on Thursday, the council Chairman Vipul Shah also sought a special grant to promote Indian diamond jewellery in international markets. The council has raised INR 150 million through crowdfunding from members to promote Indian diamond jewellery globally. 

 

The council has asked for the finance minister's support for co-funding global diamond promotion campaigns, the inclusion of jewellery parks in the harmonised infrastructure list, and an Infrastructure Support Fund to develop a Gem Bourse in Jaipur, the council said in a release.

 

Advancing a platinum jewellery ecosystem and expanding the Indian Jewellery Exposition trading centres will further strengthen India's global leadership, Shah said in the release. Currently, the import duty on platinum is 6.4%. In the full Budget in July, the government had cut import duty on platinum from 15.4% along with that on gold and silver.

The council is developing the world's largest jewellery park in Mumbai and smaller parks in Meerut, Bengaluru, and other cities, with funding from the industry, the release said. End

 

Reported by J. Navya Sruthi

Edited by Saji George Titus

 

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