Industry News by Nemesis

Rough Diamond Auctions In India Await Tax Guidelines: GJEPC Chairman

January 25, 2016

Praveenshankar Pandya, chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC) told GEMKonnect that until there were specific guidelines from the Ministry of Finance on the issue of taxation, international mining companies would only be allowing prospective buyers to view their goods at the India Diamond Trading Centre (IDTC) special notified zone (SNZ), located in the Bharat Diamond Bourse (BDB).


The GJEPC chairman was responding to questions on media reports that Indian small diamond operators could now buy diamonds directly at auction from Diamdel at the IDTC.


“Right now,” he said, “several mining companies including De Beers have booked rough diamond dispaly slots at the IDTC. This will allow them to showcase the goods that are on offer at the regular international auctions to small Indian operators.”


Pandya observed that the industry was waiting for the Finance Minister to issue specific guidelines on the issue of taxation for goods brought in for auction sales in his upcoming national budget announcement for fiscal 2016-17. Until then, goods would only be brought in for prospective buyer viewings, while the actual auction sales took place at the usual international locations.


The Indian government’s annual budget announcements for the coming fiscal year are due next month.


Source: GemKonnect

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