# India

Jewellers urge Centre to cut import duty on gemstones by half

GJEPC has called on the Union Finance Minister to propose import duty cut in the upcoming Union Budget 2023-24.

Statesman News Service | Jaipur | December 24, 2022 12:31 am

Jewellers urge Centre to cut import duty on gemstones by half

The Gems and Jewellery Export Council (GJEPC) on Friday urged the Centre to cut the import duty on cut and polished gemstones from 5 to 2.5 per cent saying that it would have a positive impact on jewellery export.
GJPC chairman, Vipul Shah, said that Jaipur is a big a name in the Gems and Jewellery sector and that the annual conference of Jaipur Jewellery Show (JJS) is playing a vital role in the promotion and innovation of designs in this sector.

According to him, the country’s foreign trade agreements with nation’s like UAE and Australia have accelerated the export momentum by giving gems and jewellery exporters preferential access to these markets and their neighboring regions.

He said that the GJEPC has urged the Union Finance Minister to propose a cut the import duty in the upcoming Union Budget 2023-24.

The JJS began with aim to focus the emerald trade besides giving an impetus to the gems and jewellery business, and placing Jaipur on the World Gem Jewellery map.

JJS Joint Secretary Ajay Kala said that altogether 901 booths are set up with better facilities in the exhibition being participated by national and international traders during the last 4 days.

He said that out of these booths, 241 are displaying gemstones, 572 jewellery, 17 on costume, articles and artefacts, and 68 displays on allied and machinery.

The JSS is being attended by more than 500 hosted buyers, 82 new participants and several national brands and it expects a footfall of 45,000 people.