SURAT: Slowdown in global markets continues to impact exports of cut and polished diamonds from India. Gems and Jewellery Export Promotion Council (GJEPC) has requested central government to introduce Special Turnover Tax regime for diamond industry with 0.75 per cent tax on sales turnover like it is in Israel, Belgium and Dubai to encourage companies of non-resident Indians to shift capital to India and give a boost to exports.

The latest import-export figures declared by GJEPC show that the exports of polished diamonds in December 2015 decreased by 17.1 per cent at $1.20 billion compared to $1.50 billion in the same month previous year.

However, rough diamond imports during the month increased by 2.44 per cent at 1.46 billion, marginally up by 2.44% in value terms from US$ 1.43 billion the previous December.

Source :timesofindia.indiatimes.com