Members of the diamond industry led by committee bearers of the GJEPC, BDB and MDMA discussed various issues of concern to the trade at an interaction with Minister of State (Independent Charge) for Commerce & Industries, Government of India Smt. Nirmala Sitharaman at the Bharat Diamond Bourse on October 6, 2014. The minister also holds charge as Minister of State for Finance & Corporate Affairs.

During the interaction, the industry representatives gave an overview of the achievements of the industry and its vision for the future, after which they apprised the minister of some key issues and requested her to address these at the policy level at the earliest.

One of the most important of these was related to the long standing suggestion for the introduction of a Turnover Tax for the gems and jewellery industry on par with the system followed in other international centres of the trade.

Another key point concerned the proposal for introduction of a special notified zone within the diamond bourse where international rough diamond producers could import their goods on consignment for viewing by the trade.

In addition, members also requested the minister to help simplify procedures and reduce paperwork involved in exports, and to work towards ensuring systematic supply of finance for the industry. The specific issue of the demand being raised by the Customs authorities for payment of duties on software downloaded by diamantaires for Sarin machines was also highlighted, with industry representatives pointing out that they had already paid Service Tax on such software.

The Minister assured the gathering that she would look into all the matters that had been raised and promised to invite industry representatives to have further discussions with her in Delhi soon.