FM Sitharaman proposes reduction in import duty on cut, polished diamonds, gemstones to 5%

Import duty on cut and polished diamonds and gemstones will be reduced to 5 per cent while on sawn diamond to nil in order to boost the sector, Finance Minister Nirmala Sitharaman said on Tuesday. At present, import duty on cut and polished diamonds as well as gemstones is 7.5%. Sitharaman also announced that the government will facilitate export of jewellery through e-commerce.