ENA Sectors 2022-02-03 07:17:32 <p><strong>New Delhi, Feb 3 (KNN)</strong> 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. </p> <p> 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. </p> <p> 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. </p> <p>There is a fair amount of understanding between the commerce and industry ministry, and finance ministry that duty cuts help exports. </p> <p>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.</p> <p>His statement assumes significance as the two ministries are often at loggerheads on duty reduction as it leads to revenue loss for the country. <strong><em>(KNN Bureau)</em></strong></p> 28274 https://knnindia.co.in/news/newsdetails/sectors/fm-to-roll-out-easy-e-commerce-rules-for-gems-and-jewellery-soon 2022-02-03 07:17:32 knnindia.co.in