Exports of Indian jewelry in the EU, totaling more than $ 3 billion may suffer due to the exclusion of India from the generalized system of preferences (Generalized System of Preferences, GSP) , which provides tax relief depending on the country of origin of products, according to the report Business Standard.
India enjoyed the benefits of the customs duty at the rate of 2.5% - 4% and value-added tax from 20% to 25% in different EU countries over the last three years of the regime of GSP, which ends this month.
As a result, exports of gems and jewelery from the country jumped to $ 3.6 billion in 2014-15, while it decreased by 10% to $ 3.2 billion in 2015-16 years due to unfavorable market conditions.
The revised EU list, however, exclude the sector from the GSP. This means that all customs duties and VAT applicable to the goods outside the GSP, will be true for the gems and jewelry from India. Meanwhile, in India, this segment of the economy is facing problems due to the global economic uncertainty.
Promotion Council Chairman exports of gems and jewelery (Gem & Jewellery Export Promotion Council, GJEPC) Pravinshankar Pandya (Praveenshankar Pandya) said: "The decision, of course, hit our exports to the EU of course, we will consider the matter with the Ministry of Commerce in. very soon. "
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Petra Diamond Ltd company published its results for the third quarter of 2016, which show that its production increased by 26% to 995,905 carats compared to 791,443 carats in the third quarter of 2015.
The company said that the increase was partly related to the completion of the acquisition processing plant tailings after purchase Kimberley Mines in January.
In the nine months to March 31 mining companies grew by 10% to 2.6 million carats compared to 2.4 million carats during the same period ended March 31, 2015.
Petra Revenue increased 25% to $ 120.5 million, versus $ 96.1 million last year. This figure includes the $ 15 million received by the company through the sale of pink diamond weighing 32.33 carats from the mine Williamson (Williamson) in Tanzania.
During the reporting period, sales of diamonds rose by 13% to 937,526 carats against 826,815 carats last year, which is also due to the acquisition of Kimberley Mines.
"We expect good results from the partnership with the Kimberley, given the high potential for long-term sustainable operations that benefit the members of the local community, - said General Director of Petra, Johan Dippenaar (Johan Dippenaar) -. Our development program remain in force, open-pit mining areas without impoverishing rocks continues to provide a high content of diamond deposits Finsch (Finsch) and Cullinan (Cullinan). The construction of a new processing plant at Cullinan, and we continue to focus on the implementation of a Overhaul of projects on time and within budget. "
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