Govt. takes steps to promote gems and jewellery sector | SupportBiz

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Govt. takes steps to promote gems and jewellery sector

 
The Minister of State in the Ministry of Commerce and Industry, Dr. D. Purandeswari informed the Lok Sabha on May 6 that, the Government has taken several measures to promote the gems and jewellery sector of the country.

The steps taken are:

  • Liberal financial assistance under Market Assess Initiative (MAI), Market Development Assistance (MDA) scheme of the Department of Commerce.
  • Duty Drawback on gold (Rs 100.70/gm) and silver jewellery (Rs 2590.80/kg).
  • Abolition of licensing regime for rough diamonds.
  • Abolition of import duty on rough diamonds, rough corals and rough coloured gemstones.
  • Import of precious metals (gold/silver/platinum) through nominated agencies.
  • Increase in the value limit of personal carriage from US$2 million to US$5 million in case of participation in overseas exhibitions and increase in the limit in case of personal carriage, as samples, for export promotion tours, from US$0.1 million to US$1 million.
  • Reduction in Customs duty on Rhodium from 10 percent to 2 percent.
  • Withdrawal of levy of 1 percent Central Excise on both branded & unbranded jewellery with effect from March 17, 2012.
  • Formation of Gem & Jewellery Sector Skill Council for skill development in the sector.

In addition, the Department of Commerce has provided a token budget of Rs 1 crore for the following projects of Gem & Jewellery Export Promotion Council (GJEPC) during FY 2013-14: 

  • Convention Centre in Mumbai.
  • Gem & Jewellery Park in Mumbai.
  • Setting up of Common Facility Centers in Gujarat.
  • Setting up of Gem Bourse in Jaipur.
  • Technology Upgradation Fund for Gem & Jewellery Sector.

GJEPC has welcomed the decision and steps taken by the Government of India in this regard.