|All India Gem & Jewelry Trade Federation|
Key highlights of the budget that directly affect the business of jewelers all over the country :
- Excise Duty imposed on all jewelry, not just branded jewelry (as was passed in last budget)
- 2% Custom Duty imposed on Precious Gemstone (Rubies, Emeralds, Diamonds & Sapphires) as well as semi-precious gemstone.
- Consumer Tax imposed on jewelry items.
- Import duties increased (almost doubled) on Platinum, Gold & Silver.
In support of GJF (as a member & a jeweler) our stores in Jaipur shall remain closed till March 19, 2012.
If you are an Indian jeweler & reading this, GJF requests you to close your store on March 17, 18 & March 19, 2012 so the Government may rollback the proposed duties.
I apologize for the inconvenience caused to our customers, but it is important for these duties to be rolled back for the welfare & growth of the gem & jewelry industry in India.