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Budget 2024: Surat traders demand removal of import levy on rough diamonds, better international connectivity

Surat diamond traders hope that the three-year-long pending demand of removing the two per cent import levy on rough diamonds will be met in the upcoming Union budget 2024.

"The rough diamond auction which is done in companies abroad, after the bid if any manufacturer in India imports it then a 2 per cent import levy is charged which is taken as tax by the Indian government. So, to give a 2 per cent levy on rough (diamond) turns out to be costly. This increases the price of the final product by 7 to 8 per cent. It is very difficult for small manufacturers to compete in the market. We have been demanding this for the past three years. We hope that this time the government will remove the levy," Gaurav Sethi, Vice President, of Surat Diamond Association said.

After the launch of the diamond trade centre Surat Diamond Bourse, traders say there has been a boost in the diamond business leading to more international buyers.

Traders also demanded an increase in the number of international flights from Surat to provide better connectivity to international buyers.

"Already Surat Diamond Bourse (SDB) has started and all business has begun under that. Buyers come from across the world but there is less flight connectivity. We demand an increase in international flights to Surat in the upcoming budget. This will help stabilise our business," Jagdish Khunt, President, of Surat Diamond Association said.

The first Budget of the new NDA government will be tabled on July 23rd by Union finance minister Nirmala Sitharaman who incidentally will be presenting her seventh consecutive Budget.
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