The gems and jewellery industry on Tuesday welcomed the Union Budget for the year, suggesting it'll facilitate their business. Presenting the Budget for 2022-23 in the Lok Sabha, Finance Minister Nirmala Sitharaman announced that the government will facilitate export of jewellery through e-commerce for which it will implement a “simplified regulatory framework” by June this year.
In another major move, she said that 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. We reached out to the biggies of the Indian jewellery industry to get their reaction on the budget and here's what they had to say.
