Union Budget 2022: TN jewellers welcome slash in customs duty on diamonds, but say it provides relief to very few
The Hindu
The jewellers expected more of the budget, and are disappointed that no concession has been made for gold imports
The reduction in import duty on cut and polished diamonds and gemstones in the Union Budget 2022 has come as a small relief to the jewellery industry. However, the industry had more expectations of the Budget.
The customs duty on polished diamonds and gemstones has been reduced from the existing 7.5% to 5%, and sawn or rough diamonds would not attract any duty at all. While this is a welcome move, it will only benefit a relatively small section of traders, jewellers noted.
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