Colin Shah, vice-chairman of Gem & Jewellery Export Promotion Council, told, “The high import duty of 7.5% on both cut and polished diamonds and gemstones has become a major challenge to exporters. Import duty on both items has been hiked from 2.5% to 5% and then to 7.5% in a short span of eight months. This is compelling Indian exporters to look at other places to set up manufacturing base.”from Commodities-Markets-Economic Times
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