The Government of India is considering the introduction of a 10 per cent import duty on synthetic diamonds in order to eliminate the price difference between synthetic and natural diamonds, reports The Indian Express.
"The price of artificial diamonds is lower than the natural price by 30-60%, and this difference can be used by unscrupulous traders to deceive buyers. In order to protect the interests of the market for natural diamonds, it is necessary to consider the possibility of imposing a duty on synthetic diamonds, similar to the fee for other artificial precious stones, which currently stands at 10%, "one senior Finance Ministry official said.
As an additional measure aimed at protecting the interests of consumers, the ministry can also impose a duty of 5% on imports of synthetic diamonds.
The Indian government is considering the cancellation of a 2 percent import duty on polished colored gemstones to enable India to compete with such major international centers of cut as China and Thailand.