Campaign continues to bolster India’s lab-created diamond industry



Campaign continues to bolster India’s lab-created diamond industry - Artificial Jewellery


Leaders within India’s jewellery industry have requested the removal of import duty on crucial materials used for the manufacturing of lab-created diamonds.

As part of the chemical vapour deposition (CVD) method for producing lab-created diamonds, a sliver of rough known as the ‘seed’ is placed in a sealed chamber and heated to a high temperature, rapidly mimicking the natural process within which diamonds are created.

Importers pay 5 per cent tax on the import of these seeds whereas no import duty is charged on natural or lab-created diamond rough.

Gem and Jewellery Export Promotion Council (GJEPC) chairman Vipul Shah said that removing the import duty would significantly bolster India’s manufacturing sector.

“[The lower rate would] help in the growth of the lab-created diamond industry in India manifold and also help them in reverse engineering the technology in future,” he told Rapaport News.

India’s customs policy views seeds as ‘preforms’ – shaped but unfinished diamonds as opposed to rough lab-created diamonds.

The GJEPC has also requested the easing of import tax on polished diamonds from 5 per cent to 2.5 per cent.

According to the GJEPC, India accounts for approximately 15 per cent of the global production of lab-created diamonds and Shah said demand from western markets, including Australia, was driving the development of the industry.

“We have a huge potential to grow exports to $US7-8 billion in the next few years on the back of US demand and acceptability in the UK and Australia,” he told Business Standard.

On 1 February the Indian government will complete the annual Union Budget, a review of taxation policy.

More reading
Major step forward for lab-created diamonds
Sri Lankan authorities restrict import of gold jewellery
New trade agreement between Australia and India
Familiar face amongst new leadership GJEPC

 





Source link

Web Stories
Artificial Jewellery
Logo
Enable registration in settings - general
Compare items
  • Total (0)
Compare
0
Beautiful Wedding Rings Earring – A look into the finest Beautiful Collection of AD Pendants Have you bought a promise ring yet? There a necklace for everyone. AD – A Collection of Beautiful Earrings. American Diamond Earrings. A collection of Artificial Jewellery – Rings Necklaces and Sets – Artificial Jewellery Trending Anklets Design Trendy Earrings Collection for Women Online Latest Trending Nose Rings Designs American Diamond Finger Ring American Diamond Necklace Designer Jewellery Royal Jewelley Earrings Trending Combo Sets
Shopping cart