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Indian diamonds duty cutGovt cuts duty on diamonds, jewellery to push growthNEW DELHI (Reuters) - India, the world's biggest diamond cutting and polishing centre, on Wednesday cut import duty on several categories of gems and jewellery to boost growth and employment in the sector. 2007-02-28 16:36:59 Source : Moneycontrol.com The 2007/08 budget reduced duty on cut and polished diamonds to 3 percent from 5 percent, rough synthetic stones to 5 percent from 12.5 percent and raw corals to 10 percent from 30 percent.India has just a 3 percent global share and needs to modernise and sell high-value items. With changing tastes, it is facing increased competition from other luxury goods, substitutes such as synthetic diamonds and growth of polishing industries in mining countries.
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The Gem & Jewellery Export Promotion Council and business advisory
firm KPMG said in a recent report India's 57 percent share of the
diamond-processing pie will drop to about 49 percent in value terms by 2015,
while retail is set to grow.
