Explore Business Standard
Don’t miss the latest developments in business and finance.
Mumbai-based Gemological Science International (GSI) Pvt Ltd has been allowed to import diamonds for certification, grading and re-export, according to an official notification. This will be the sixth agency permitted by the government for the work. The other agencies include Gemological Institute of America (GIA), Mumbai; Indian Diamond Institute, Surat; and De Beers India Pvt Ltd, Surat. "GSI Pvt Ltd, Mumbai, Maharashtra is added as an agency to import diamonds for certification, grading and re-export," the Directorate General of Foreign Trade said in a notification.
Data from the Gem and Jewellery Export Promotion Council shows a 1.9 per cent fall in the country's gross shipment last month, from a year before, to $2,435.9 million (Rs 17,300 crore).That brings the overall fall in the current financial year's first nine months to 5.3 per cent in the segment, to $27.7 billion (nearly Rs 2 trillion). The sector says this will be another dismal year for export. Colin Shah, vice-chairman at the Council, says they hope the central government is noting this fall in a sector which generates and sustains a large number of jobs. "With the Union Budget round the corner, we hope the government will give us some respite on our long-standing requests for duty reduction on gold, platinum and diamonds. Also, ease of doing business on Customs issues, resolution on GST (goods and servis tax) input credit and a progressive SEZ (Special Economic Zones) policy."Apart from a working capital crunch over the past two years, from a sharp cutback in bank lending, the ...