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ARTICLE · 06 FEBRUARY 2023

Budget Buzz - Impact On Gems & Jewellery Sector

Economic Laws Practice
Explore more from Economic Laws Practice

The Input Tax Credit (ITC) has been the most vexed issue under the GST law, with debates on issues of cascading not properly addressed in the present scheme of law.

IndiaFinance and Banking
Nishant Shah
Nishant Shah
Niraj Hande
Niraj Hande
Ishabh Verma
Ishabh Verma
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Budget Proposal

The G&J Sector, being one of the key export industries has rightly received special attention in every budget, including the present one. A summary of the various changes/ measures announced for this sector are summarized below:

Lab-Grown Diamonds

The Hon'ble Finance Minister in her speech has announced measures, to encourage indigenous production of lab-grown diamonds such as:

  • A research and development grant which will be provided to one of the IITs for five years qua LGDs.
  • The Customs duty on import of diamond seeds has been reduced from 5% to nil, when put to use in manufacture of rough lab grown diamond, subject to actual user condition for a period of two years.

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