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Budget proposes to cut import duties on diamond & stones

19
Mar '07
This year's Union Budget proposed to slash import duties on cut and polished diamonds and gemstones like coloured stones and corals.

This step will surely make these items more affordable for the consumers. These jewelleries will capture a greater market share by toppling plain gold and silver ornaments.

According to a report revealed by global metal consultancy firm GFMS, India is world's third largest consumer of diamond jewellery after the US and Japan. Further drop in prices may bring significant transformation in patterns of jewellery buying.

The report also says, production of artificially manufactured diamonds may increase in near future.

India has one of the fastest growing diamond markets in the world but branded diamonds segment accounts only for 12 percent. The size of overall diamond market in India is supposed to be over $1 billion.

Diamonds purchasing is gradually becoming a fashion statement for the affluent class.


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