Mr. Colin Shah, MD, Kama Jewelry
“The reduction of Jewellery duty from 25% to 20% is a welcome move. For a country like India who is known for its high jewellery consumption, this will definitely boost the demand in the domestic market specially in luxury. Similarly, slashing of duty on platinum finding from 25% to 5% is yet another bold move which will prove beneficial for the entire gems and jewellery industry.
One of the biggest positives of the budget was the government acknowledging the MSME sector as one of the four engines that will power India’s growth. Under this, increasing the MSME turnover limit from Rs. 250 to Rs. 500 Cr is another bold announcement which will propel the growth and strengthen the MSMEs.
The budget also provided some rejoice to the diamond sector by removing IGCR condition for import of duty free LGD (Lab Grown Diamond) seeds which will further increase the appeal of LGDs and boost its demand.
Provision of a separate HS code for platinum and gold alloys is another positive step that will prevent malpractices and ensure fair play in the industry.”
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