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Union Budget 2021: GJEPC's wish list

The Gem and Jewellery Export Promotion Council (GJEPC) met Finance Minister Nirmala Sitharaman and presented their budget request. In an interview with CNBC-TV18, Colin Shah of GJEPC shared the sector's wish list from Union Budget 2021.

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By Manisha Gupta  December 21, 2020, 5:08:39 PM IST (Updated)

Union Budget 2021: GJEPC's wish list
The Gem and Jewellery Export Promotion Council (GJEPC) met Finance Minister Nirmala Sitharaman and presented their budget request. In an interview with CNBC-TV18, Colin Shah of GJEPC shared the sector's wish list from Union Budget 2021.


"Today 12.5 percent [tax] on gold plus 3 percent goods and services tax (GST) and 7.5 percent [additional tax] on diamonds and gemstones basically puts us out of the path [competition]. We are not able to compete with our immediate neighbours, nor are we able to compete with China and Thailand," he said.

"Our tariff structure and duties should be in-line with international tariff structures and duties. We have requested for a reduction from 12.5 percent to 4 percent on gold, silver and platinum and from 7.5 percent to 2.5 percent for diamonds and gemstones. If that happens then we can seriously become a global leaders in manufacturing and trading in all these commodities," he explained.

The council has asked for a comprehensive e-commerce policy, which will allow manufacturers and retailers to seamlessly ship products -- at the lowest cost and faster -- anywhere in the world.

For the entire discussion, watch the video.