GJEPC’s Recommendations on behalf of the Gem & Jewellery Industry for the Union Budget 2023-24

GJEPC has put forth a series of recommendations for the Union Budget 2023- 24 across verticals of gem and jewellery, to propel the exports from the current $40 billion levels to achieve the goal of $55 billion in exports in the next few years

5 Key Recommendations are as follows:

1. Allow Sale of Rough Diamonds in a Special Notified Zone through the Safe Harbour rule.

2. Re-Introduce Diamond Imprest License.

3. Introduce a Repair Policy for Jewellery.

4. Abolition of Import duty on Lab Grown Diamond (LGD) seeds.

5. Reduction in Import Duty on gold, silver, and platinum to 4%.