India's Budget on Lab Growns "Ignores Mined Diamonds"

By John Jeffay / February 05, 2023 / www.idexonline.com / Article Link

(IDEX Online) - Diamond manufacturers in India are angry that calls to abolish a two per cent equalisation levy on natural diamonds were ignored in last week's budget.

Lab grown businesses will benefit from the scrapping of a five per cent import tax on the seeds from which diamonds are grown, as announced by finance minister Nirmala Sitharaman.

 

But mined diamonds, which account for 90 per cent of India's manufacturing, received no tax breaks.

 

Saiyam Mehta, chairman of All India Gem and Jewellery Council said: "The Union Budget has completely ignored other sectors of the industry while granting funds for the LGD sector."

 

Industry leaders had urged the government to axe the equalization levy, which applies to any Indian entity buying rough diamonds by any online method.

 

They'd also called for the import duty on cut and polished diamonds to be halved from five per cent, and for those on gold, platinum and silver to be reduced.

Screengrab of  Finance Minister Nirmala Sitharaman's Union Budget speech, courtesy Sansad TV.

Recent News

Gold stocks weaker but outperform slump in other sectors

October 13, 2025 / www.canadianminingreport.com

West Africa-focussed Robex and PDI to merge

October 13, 2025 / www.canadianminingreport.com

Gold stocks outperform equity market gains

October 06, 2025 / www.canadianminingreport.com

Most major producers rise but TSXV gold mixed

October 06, 2025 / www.canadianminingreport.com

Platinum, palladium, copper gain on green China, supply constraints

September 29, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok