In a meeting held in Mumbai yesterday, GJEPC and BDB hosted a delegation from the Korean Diamond Exchange (KDE) and discussed steps that could be taken to boost bilateral ties between the two countries. The Consulate General of Republic of Korea in Mumbai Seungho Baek accompanied the Korean delegation comprising Nam Chang Soo – President, KDE and Yu Seong Woo, a member of the exchange.

The Indian industry was represented by Anoop Mehta – President BDB, Mehul Shah – Vice President BDB, Sanjay Shah – GJEPC Diamond Panel Convener, Manish Jiwani a member of the Diamond Panel and Sabyasachi Ray – Executive Director, GJEPC.

 After a brief introduction to the GJEPC and BDB, the two sides exchanged views on deepening ties. Soo Nam said that the Korean government has expressed its willingness to provide luxury tax exemption to Indian exporters as Korea shortly is going to open Korea Diamond Bourse in SEZ i.e. tax free zone.

In response, Anoop Mehta said that all members would be informed about this development. He added that if diamonds and jewellery are exported directly to Korea instead of being routed through Singapore, Hong Kong, etc as at present, it would address concerns over the trade deficit.

Mehul Shah and Sabyasachi Ray said that value addition of 10-12% could be achieved in the case of diamonds. They added that industry representatives have apprised the Ministry of Commerce & Industry of these issues.

Mehta suggested that the clause of value addition should be revised to 10% to boost bilateral trade.

Responding to a request from the Korean delegation, Ray said that Council would inform them of the name of concerned authority from Korea negotiating India-Korea CEPA.

Nam reiterated that with the Korean market having been opened, Indian companies would be welome to start offices in the tax free zone.