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Government Initiatives

In the New Annual Supplement to Foreign Trade Policy (2004-2009) announced on April 19, 2007, the Government has extended the following facilities to this sector:

  • Service Tax on services (related to exports), which are rendered abroad have been exempted.
  • Re-import of Diamonds & Jewelery (either in complete or partial lot) exported on consignment basis have been allowed.
  • In the light of increase in global prices of precious metal, duty free entitlement for consumables for export of rhodium plated silver jewelery has been increased to 3 per cent.
  • To reduce the transaction cost for the diamond sector, testing facility at International Diamond Laboratory (IDL), Dubai, has been incorporated in the list of laboratory/certifying agencies.
  • Duty free import entitlement of tools, machinery & equipment has been allowed. For metals other than gold, platinum, it will be 2 per cent and for gold and platinum, it will be 1 per cent of FOB value of exports during the previous financial year.
  • Categorization of exporters as One to Five Star Export Houses has been changed to Export Houses and Trading Houses with rationalization and change in export performance parameters.

In addition, the Government has decided to make gold hallmarking mandatory from January 1, 2008. It has also made the import of polished diamonds completely duty free. This will facilitate the sector towards evolving from being just a manufacturing centerer to becoming a global trading hub for diamonds, gems and jewelery.

The committee appointed to study India's National Design Policy is likely to recommend the setting up of four additional National Institutes of Design (NIDs), along the lines of the existing Ahmadabad-based NID, whose curriculum includes, among other disciplines, jewelery design.

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