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News

Government eyes diamond hub in Mumbai

  • Author:Tina
  • Source:Yadao
  • Release on:2014-10-15

India is planning to set up a special economic zone for diamond importers and traders in Mumbai to further develop the country’s financial capital.

Commerce and Industry Minister Nirmala Sitharaman reportedly held preliminary discussions with Commerce Secretary Rajeev Kher and Revenue Secretary Shaktikanta Das on the matter.

“A trading hub in India will limit the roles of middlemen, and concerns over invoicing, which we often hear from tax authorities, will be reduced,” Parag Parekh, vice chairman of the Gems & Jewelry Export Promotion Council, was quoted as saying.

The Bharat Diamond Bourse in Mumbai’s Bandra Kurla Complex was suggested as a possible location for the hub, Parekh said.