India’s Taxes Stalling Diamond Sales

Mineweb reported diamonds being exported and imported into the country repeatedly has slowed due to increased import duties.

As quoted in the market news:

India’s polished diamond trade saw a sharp decline in February following the imposition of a2% import duty by the Indian government on polished diamond imports on January 17, 2012. Imports of polished diamonds have fell by 80% to $476.2 million by value during February. The Gems and Jewellery Export Promotion Council has termed it a “very healthy” sign, despite the fact that the volume of exports sank 55%.

Click here to read the full Mineweb report.