Diamond Sector to Receive a Boost from India’s Foreign Trade Policy

RAPAPORT reported that the foreign Trade Policy unveiled by the Union Minister of State for the Ministry of Commerce and Industry of India is designed to support services and exports and boost the “Make in India” initiative of the Indian government.

As quoted in the market news,

The Gems & Jewellery Export Promotion Council (GJEPC), representing  one of the significant trade sectors in India, added that the policy provides the impetus to boost exports and offers a critical regulatory framework for the proposed Special Notified Zone (SNZ). The SNZ will  have a taxation regime that encourages global mining companies to sell rough diamonds directly in India and once it is operating, mining companies may bring rough diamonds, on a consignment basis, to display and sell to local buyers.

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