Diamond traders urge FM Sitharaman to slash import duty on cut and polished diamonds

摘要

In a bid to bring back business from Antwerp and Dubai, the Indian diamond traders have urged the finance minister Nirmala Sitharaman to slash import duty on cut and polished diamonds from 7.5% to 2.5% and allow the special notified zones (SNZs) set up in Bharat Diamond Bourse and Surat Diamond Bourse to start diamond trading. At present, diamond traders can see diamonds at SNZs and place order but cannot directly buy them. If this is allowed, the transaction cost of diamond trade will come down significantly as they do not have to buy diamonds through middlemen based in Antwerp.