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:
(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.