FM to roll out easy e-commerce rules for gems and jewellery soon

New Delhi, Feb 3 (KNN) Commerce Secretary BVR Subrahmanyam has said that reduction of import duty on cut and polished diamonds and gemstones to 5% and zero on sawn (or raw) diamond will help make India jewellery hub of the world. 

"Due to Covid pandemic, a lot of small value jewellery is traded on e-commerce, a lot of these orders are happening online. The Finance Minister has made clear that in the next couple of months, by June, we will come out with easy e-commerce rules for gems and jewellery business," he said. 

"I think there is a fair amount of understanding between commerce and finance ministries that actually reducing tariffs on inputs helps exports a lot. So having a very high tariff regime does not help and I think that message is coming through very clearly in the Budget," Subrahmanyam said. 

There is a fair amount of understanding between the commerce and industry ministry, and finance ministry that duty cuts help exports. 

Budget 2022-23 has reduced customs duties on chemicals that will enable exports while rationalized duties for the electronics sector would boost domestic manufacturing, he said.

His statement assumes significance as the two ministries are often at loggerheads on duty reduction as it leads to revenue loss for the country. (KNN Bureau)