Kirit Bhansali, Chairman, GJEPC, and Shaunak Parikh, Vice Chairman, GJEPC, met Hon’ble Union Finance Minister Smt. Nirmala Sitharaman in New Delhi on 17 August to express the industry’s appreciation for the Government’s landmark tax reform aimed at positioning India as a global rough diamond trading hub.
The delegation, which also included K.K. Duggal, Director – Trade & Policy, GJEPC, thanked the Finance Minister for the recently passed Taxation and Other Laws (Amendment) Bill 2026, which provides a full income tax exemption for income from the sale of rough diamonds by eligible foreign companies through India’s Special Notified Zones (SNZs). The exemption will apply from 1 October 2026 through 31 March 2041, providing a statutory 15-year tax framework.
The GJEPC leadership also invited Smt. Sitharaman to grace the India Gems & Jewellery Award (IGJA) award function.
The tax reform covers key participants in the rough diamond trade, including foreign mining companies, sightholders, brokers, aggregators, and tender and auction entities. The measure is expected to strengthen India’s proposition as a destination for direct rough diamond trading and deepen the country’s position across the global diamond value chain.
The meeting followed GJEPC’s long-standing advocacy for greater tax certainty for international rough diamond trading in India. The Council has described the 15-year exemption as a defining policy change that can enable India to move beyond its established role as the world’s leading diamond manufacturing centre and develop into a major global marketplace for rough diamonds.
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