We are aggressively building our diamond business. In this respect, from the budget we are looking forward to the Presumptive tax which will help the Indian diamond industry to compete with Antwerp and Tel Aviv as a premier diamond trading hub.
Diamond manufacturing being a labor intensive industry, we are expecting liberalization in labor laws which make it a level playing field between India and China.
We would like the recommendation of 1 per cent VAT across the
country to be held up. This we are sure will facilitate the free movement of goods within the different states which will in turn help all of us to build an efficient distribution and thereby grow the market
Further, reduction in imported machinery and consumables will help in enhancing the quality of jewellery manufactured and sold in India.
Even, miners like Alrosa, Debeers, Rio Tinto should be encouraged to open offices and should be allowed imports of rough diamonds on a consignment basis so that the real manufacturers can buy directly from the miners and thereby reduce the cost of procurement.