Colin Shah, former chairman of India’s GJEPC (Gem and Jewellery Export Promotion Council), is one of several diamond industry leaders who are calling the Indian government to abolish import duties on seeds, the raw materials for lab grown diamonds, IDEX Online reports.
There is also pressure to impose a “presumptive taxation policy on diamonds at special notified zones and a more ‘friendly’ jewelry repair policy,” according to the report. These moves, says Shah, would create jobs and boost exports.
A recent report in Economic Times, quoted by IDEX Online, estimates that 20,000 diamond workers have lost their jobs in Surat, India’s cut-and-polish capital, in December. In addition, according to Damji Mavani, the secretary of Surat Diamond Association (SDA), most of the city’s 4,000 manufacturing units are working at just 60% to 70% capacity.
