š®š³ India's gems and jewelery industry is dependent on imports. Raw materials such as gold, diamond, silver and colored gems are India's largest imports.
The GJEPC has requested that the existing 15 per cent import duty on precious metals be reduced to 4 per cent. Currently there is a customs duty of 5 percent on polished diamonds. It is wanted to reduce it to 2.5 percent.
š According to the association.. due to high import duties on polish and diamonds, exports have declined. Also employment generation has also decreased. Currently the jewelery industry is facing difficulties. Compared to countries like China and Thailand, India is struggling to survive in a declining competitive industry. To help keep the sector competitive globally, the government has been asked to cut back on polished diamonds. India's gems and jewelery industry depends on imports of raw materials including gold, diamonds, silver and colored gemstones. š®š³šāØ
