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    Government to push measures to promote Gems and Jewellery

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    Minister of State in the Ministry of Commerce and Industry, Dr. D. Purandeswari, in a written reply in the Lok Sabha today said that A token budget of Rs.1 crore has been provided in the budget of Department of Commerce during 2013-14 for the following projects of Gem & Jewellery Export Promotion Council:

    (i) Convention Centre at Mumbai,

    (ii) Gem & Jewellery Park at Mumbai,

    (iii) Setting up of Common Facility Centers in Gujarat,

     

    (iv) Setting up of Gem Bourse at Jaipur,

    (v) Technology Upgradation Fund for Gem & Jewellery  Sector.

    Government of India has taken following measures to promote the gem and jewellery sector:-

    i. Liberal financial assistance under Market Assess Initiative (MAI),  Market Development Assistance (MDA) scheme of the Department of Commerce.

    ii. All Industry for Duty Drawback on Gold (Rs 100.70/gm) and Silver Jewellery (Rs 2590.80/kg).

    Iii. Abolition of licensing regime for rough diamonds.

    iv. Abolition of import duty on rough diamonds, rough corals and rough coloured gemstones.

    v. Import of precious metals (gold/silver/platinum) through nominated agencies .

    vi. Increase in the value limit of personal carriage from US$ 2 million to US$ 5 million in case of participation in overseas exhibitions and increase in the limit in case of personal carriage, as samples, for export promotion tours, from US$ 0.1 million to US$ 1 million.

    Vii. Reduction in Customs duty on Rhodium from 10% to 2%.

    viii Withdrawal of levy of 1% Central Excise on both branded & unbranded jewellery with effect from March 17, 2012.

    ix. Formation of Gem & Jewellery Sector Skill Council for skill development in the sector .

    The Gem and Jewellery Export Promotion Council had welcomed the decision and steps taken by the Government of India in this regard.

    GoodReturns.in

    Read more about: jewellery gems and jewellery
    Story first published: Monday, May 6, 2013, 14:59 [IST]
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