In February 2017 India's polished exports rose by 3.3% compared to the same period last year, to $ 2.41 billion, versus $ 2.34 billion in February 2016. This is evidenced by the preliminary data of the Council to promote the export of gems and jewelery (Gem and Jewellery Export Promotion Council, GJEPC).
Rough imports in value terms fell by 2.9%, to $ 1.51 billion in February 2017, compared to $ 1.55 billion in February 2016. In volume diamond imports rose 14% to 17.8 million carats against 15.6 million carats in the same period of the previous year.
Polished diamond imports to India fell by 20% in February 2017, to $ 177.9 million, versus $ 221.7 million in February last year.
During the first 11 months of the current fiscal year (April-February), India's polished exports rose 11% to $ 20.9 billion against $ 18.8 billion in the same period a year earlier.
Since the beginning of the current financial year (April-February), the import of rough diamonds to India increased by 22.2% compared to the same period last year, to $ 15.5 billion against $ 12.7 billion a year earlier. By volume, this figure increased by 10.6% to 123.4 million carats, against 136.5 million carats a year earlier.
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In Export Promotion Council of precious stones and jewelery (Gems and Jewellery Export Promotion Council GJEPC ) of India pointed out that the introduction of excise tax on jewelery in the amount of 1% (apart from the usual silver jewelry) in the draft budget for India 2016-2017 year will not serve the interests of the jewelery industry of the country. It is stated in the message GJEPC of 8 March.
Pravinshankar Pandya (Praveenshankar Pandya), chairman of the GJEPC, said: "For 30-40 years, the government did not introduce excise tax on jewelry because of the small volumes of production and sale of such products in India as well as in view of the unique characteristics of the business of the Indian jewelery industry . In addition, the jewelry industry is importing gold, after payment of customs duties. Therefore, the Council is of the opinion that the Government of India should abolish the excise tax on jewelery. "
"We are saddened to find that the government does not pay attention to the ease of doing business in the jewelery sector in India, given the fact that exports of gems and jewelery from India provides a significant share of exports of our country into the world market. We expect that the government will ease rules . for those industries that are export-oriented, and ease of doing business We believe that the draft budget for next year the government did not address these issues, "- adds Pandya.
As noted in the report GJEPC, most of the jewelery in India is produced in small businesses that do not have the equipment necessary to excise precise compliance standards. Entering excise severely undermine the production of jewelry in India, because of which the number of jobs may be reduced.
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