India 's gold import duties should be reduced from 10 % to 4 % to tackle smuggling , according to the All India Gem and Jewellery Promotion Council ( GJC ) and the Gold and Diamond Export Promotion Council ( GJEPC ) , ahead of the 2019/20 Union Budget . The 10 % reduction was aimed at reducing the current account deficit , which the GJC said had now fallen to 2.5 % of GDP . Mumbai: On the onset of the Union Budget for 2019-20, the gems and jewellery sector has unanimously sought a reduction of gold import duty to 4 percent to check smuggling in a big way. 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 reduced from 10 % to 4 % to tackle smuggling , according to the All India Gem and Jewellery Promotion Council ( GJC ) and the Gold and Diamond Export Promotion Council ( GJEPC ) , ahead of the 2019/20 Union Budget . The 10 % reduction was aimed at reducing the current account deficit , which the GJC said had now fallen to 2.5 % of GDP . 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 .