Diamond traders welcome budget proposals with a bang

Ahmedabad, Feb 28 (UNI) Diamonds exports will receive a boost following Finance Minister P Chidambaram's budget proposal to reduce the duty on cut and polished diamonds from five per cent to three.

Welcoming the Budget provisions, Gems and Jewellery Trade Council of India (GJTCI) president Shantibhai Shah said the industry will be benefited from the relief in duty on cut and polished diamonds.

Meanwhile, diamonds traders in Bapunagar area welcomed the budget with a bang by bursting crackers and expressed happiness over the proposal.

Gujarat is a major centre for cut and polished diamonds and traders hope that exports growth would be higher in coming months.

Ahmedabad, Surat, Rajkot and the Saurashtra region are major processing centres for diamond.

UNI