India To Lower Import Tax Polished to 5%

Unconfirmed sources say India is planning to lower the much criticized import tax on polished diamonds and gemstones from 7,5% to 5%, as this was mentioned during the budget speech by India's Finance Minister.

To give a boost to the gems and jewellery sector, customs duty on cut and polished diamonds and gemstones has been reduced to 5 percent. "Simply sawn diamond would attract nil customs duty. To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year," the finance minister said, according to Moneycontrol.