Recently expressing on, Expectations of Gems and Jewellery Sector from the upcoming Budget; Colin Shah, MD, Kama Jewelry said, the gems & jewellery industry looks forward to amendments in the SEZ Act, which has been a long-standing demand. The SEZ Act hasn’t been amended as per the progress that the industry has made, both domestically and globally throughout these years.
This move will play a crucial role in resolving the issues which exporters are facing pertaining to policies in the gems and jewellery industry as well as other industries in the SEZs. As a result, will further provide a major fillip to the exports, especially during the challenging times in the global markets.
Additionally, we request the honourable Finance Minister to look at rationalizing duty on precious metals bars, especially gold and platinum bars from 15% to 4%. High duties have led to consistent rise in cases of smuggling and impacted the FTAs negatively, which has further aggravated challenges for the industry.
Hence, rationalizing the duty will help in controlling the cases of smuggling and will also help the consumers in the country to get cost benefits. The Indian economy is on a robust growth journey with gems & jewellery as a major contributor. In order to further build on this sentiment, action on the above mentioned expectations must be looked into.
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