Big Budget Boost for India’s Diamond Industry

Gemluxjewels29 Jul, 2024Fashion

India’s diamond industry is excited about new budget measures announced today. These changes will make it easier and cheaper for foreign companies to sell diamonds directly in India. Finance Minister Nirmala Sitharaman has introduced “safe harbor” rates, which are fixed and favorable tax rates for buying rough diamonds in India’s Special Notified Zones (SNZs). This simplifies the tax process and removes unexpected costs for foreign suppliers.