The Indian government has cut import duty on polished diamonds and gemstones – from 7.5% to 5%. According to IDEX Online, it still stopped short of the industry call for a reduction to 2.5%.
The move was announced as part of India’s 2022-2023 budget, which also includes “a duty of at least $5.35 per kg on imports of imitation jewelry, by way of a deterrent,” according to the report. In addition, India abolished the duty on sawn diamonds (rough that has been cut but not faceted).
Ashish Pethe, chairman of the All India Gem and Jewellery Domestic Council, commented: “Overall the Budget 2022-23 seems positive but there is nothing specific for the industry in this Budget except the cut in customs duty on cut and polished diamonds and sawn diamond, which is positive for the industry.”
