Industry & Economy
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Gems & Jewellery
Gem & jewellery industry rewarded
Gargi Shah
Mumbai, Feb. 29 The confidence in the performance of the gem and jewellery against sops by the Government is clear from the Finance Minister’s move to further abate duties on raw materials.
While rough cubic zirconias are exempt from duty and polished cubic zirconia and rough coral will bear a reduced duty of 5 per cent from the previous 10 per cent.
The market size of zirconia is estimated at around Rs. 2000 crore which would experience a significant momentum with the reduction of duties, said Mr. Mehul Choksi, Chairman of Gitanjali Gems.
This virtually eliminates the industry from import duty imposition on raw materials expect in the case of coloured gemstones and precious metals.
But that industry had greater expectations such as reduction in the net profit of 8 per cent computed on turnover tax to 3 per cent and abolition of duty on polished coloured stones, said Mr. Sanjay Kothari, Chairman of Gem and Jewellery Export Promotion Council.
There was no announcement on the export SOPs to address the issue of rupee appreciation, he added.
‘We were expecting reduction in excise duties on branded jewellery, since this industry is still in its development stage and merchants at all levels need to be encouraged towards branding, said Mr. Choksi.
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