India's gold import duties should be cut from 10% to 4% to tackle smuggling, according to the All India Gem and Jewellery Domestic Council (GJC) and the Gem and Jewellery Export Promotion Council (GJEPC), ahead of the 2019/20 Union Budget. The GJC said that it has been in touch with customs officials on this issue but they have not yet responded. Hence, they face difficulty in arranging the minimum required jewellery. The GJEPC also asked for an import duty reduction for cut and polished diamonds from 7.5% to 2.5% and called for a taxation regime similar to Belgium’s for a Special Notified Zone for diamond trading in Mumbai.
India's gold import duties should be cut from 10% to 4% to tackle smuggling, according to the All India Gem and Jewellery Domestic Council (GJC) and the Gem and Jewellery Export Promotion Council (GJEPC), ahead of the 2019/20 Union Budget. The GJC said that it has been in touch with customs officials on this issue but they have not yet responded. The GJEPC also asked for an import duty reduction for cut and polished diamonds from 7.5% to 2.5% and called for a taxation regime similar to Belgium’s for a Special Notified Zone for diamond trading in Mumbai.