Customs responsibility on reduce and polished diamonds decreased to five in keeping with cent; easier policies for e-commerce exports
The Finance Minister reduced customs responsibility on reduce and polished diamonds and gems to carry it to 5 consistent with cent from 7.5 per cent.
Notably, the Gems and Jewellery Export Promotion Council (GJEPC), together with Gems and Jewellery Federation (GJF) and India Bullion and Jewellers Association (IBJA) had endorsed customs duty discount to two.Five consistent with cent.

On the sawn diamonds, responding to the exchange’s demand for a readability, the Finance Minister said that it would “appeal to nil customs responsibility.”

No alternate in gold import duty
There isn’t any exchange inside the gold import obligation.

Haresh Acharya, Director, IBJA, said, “There became a responsibility reduce of two.Five per cent on gold. This 12 months India’s gold imports is crossing 1,000 tonnes, one of the maximum in beyond four-five years. So, there was no case for a discount in customs obligation on gold.

Simplified regulatory framework
In order to similarly raise jewelry export thru e-commerce, the Budget also proposes a simplified regulatory framework, in an effort to be applied with the aid of June this year.

Further, the customs obligation on pearls 7101 and rhodium imports has been reduced to 5 in line with cent and a pair of.Five in line with cent respectively as against preceding charges of 10 consistent with cent and 12.Five in keeping with cent respectively.