Amongst the 29 Items Diamonds was one of the items wherein GST rates were revised by the Indian Finance Ministry.
GST on Diamonds was rated at 3% however now will be 0.25%. This is taken as a very clever move by the Government says Rajiv Popley, Director Popley Group as this will irradicate any stains of money laundering that the Diamond Industry may have had. The reduced taxation will encourage the consumers to buy Diamonds officially & inturn the retailers too would buy officially from the bourses. The Diamond Industry has inherently been in the radar for such activities but with remarkable move looks like it was the last nail on the coffin.
Image courtesy : GIA