ROUGH DIAMOND TRADING IN INDIA..... India’s Rs 2.4 lakh-crore gems and jewelry export sector has urged the Union government to create a ‘Special Notified Zone’ under the department of customs for TRADING of rough diamonds on a consignment basis in India. India currently processes 11 of 13 roughs mined globally. But, the country is yet to be acclaimed as a trading center, due to a cumbersome duty structure and absence of a world-class asserting, display and distribution center. “Creation of a special notified zone will help miners bring roughs on a consignment basis display and book orders from local buyers. Despite India being the worlds largest rough diamond cutting and polishing center, global mining companies. India’s share in the world diamond MARKET is 60 per cent in value, 85 per cent in volume and 92 per cent in pieces. Gems and jewelry export constitute 14 per cent of India’s overall merchandise export. The zone would also widen the horizon of companies dealing in rough diamonds. Currently, 70 per cent of small and medium size enterprises in India do not participate in online auctions conducted by global miners. They buy roughs from large TRADERS for processing.
Posted on: Mon, 08 Dec 2014 07:00:16 +0000
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