Rediffmail Money rediffGURUS BusinessEmail

'Presumptive tax will help the diamond industry'

February 29, 2012 17:33 IST
By Colin Shah, managing director, Kama Schachter

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.

Colin Shah, managing director, Kama Schachter

More News Coverage

Tel AvivAlrosaIndiaVATRio Tinto

RELATED STORIES

WEB STORIES

Discover India's 8 Cutest, Smallest Airports

Dip Dip Hooray! 9 Totally Scoopable Dip Recipes

14 Must-Eat Nolen Gur Mishtis Before You Die

VIDEOS