A GJEPC delegation led by Chairman Vipul Shah met Saurabhbhai Patel, Minister of Finance, Government of Gujarat to discuss certain important issues affecting the trade.  Other members of the delegation included Chandrakant Sanghavi, Regional Chairman, Gujarat, Ajesh Mehta, Co-Convener, Diamond Panel Committee, Aagam Sanghavi, Chairman, IDI, Sabyasachi Ray, Executive Director and Shri Pranay Narvekar, Pharos Beam Consultants.

The chairman outlined the goal of the Council to develop India into a trading hub and the need for India to move to Turnover Tax, and permit consignment import of rough to overseas mining companies, similar to the systems followed in countries like Belgium and Israel. It was pointed out that while consignment import of rough has been permitted under the Foreign Trade Policy, but in the absence of a Customs notification this could not be implemented.  

They urged the minister to ensure that designated areas in the diamond bourses be declared as special notified zones where import and trading of rough diamonds could take place. The delegation also drew the minister’s attention to concerns of the trade with respect to availability of finance from banks as ECGC unwillingness to extend limits of the existing guarantees.

The members also apprised him of the that fact that many diamantaires had received  summons and show cause notices for payment of import duties with regard to software used for diamond planning and mapping machines from Israel.

They informed him that the diamantaires felt harassed by such notices as they had already paid service tax on the same.

The Minister discussed the issues in detail and assured the trade of his support. He promised to take up these issues with the central government and concerned ministers.