The Hindu Business Line : Govt will support SEZs for jewellery, says Chidambaram

The Union Finance Minister, Mr P. Chidambaram, inaugurating the Gold Jewellery India International Exhibition 2005 in Chennai on Saturday. — Shaju John

Chennai , May 21

THE Union Minister for Finance, Mr P. Chidambaram, on Saturday said that the Government was willing to provide fiscal assistance to any special economic zone set up for the manufacture and export of jewellery.

Mr Chidambaram said this while speaking at the Gold Jewellery India International Exhibition 2005 (GJIIE 2005) here. He also said that he personally favoured relaxing of import duty on gold. (Incidentally, the Government recently allowed import of 8 karat purity under replenishment licences provided the imports are accompanied by an assay certificate specifying the purity, weight and alloy content of the shipment.)

India imports about 800 tonnes of gold annually. Last year, exports from the gem and jewellery sector were at $15.67 billion (Rs 70,000 crore) — 30 per cent higher than the previous year $12.12 billion.

Earlier, speakers at the seminar on jewellery, that was held concurrently, requested the Finance Minister to reconsider the decision to impose a two per cent excise duty on branded jewellery.

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