Measures to promote the Gem and Jewellery sector

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.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Dr. D.Purandeswari, in a written reply in the Lok Sabha.


Tags: Business and EconomyGem & Jewellery Export Promotion CouncilGovernment of IndiaGujaratIndiaJaipurJewelleryMumbai

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates