Summary:
Surat: South Korea could emerge as the biggest trading partner for polished diamond exporters in Surat and Mumbai in the near future. South Korean government has abolished individual consumption tax (ICT) on import of polished diamonds.Surat being the world’s largest manufacturer of polished diamonds, diamantaires are looking at increasing their export to South Korean market to make the most of this development. “I believe that we will see a big increase in sales of polished diamonds and of diamond jewellery.”Gems and Jewellery Export Promotion Council (GJEPC) regional chairman Dinesh Navadia said, “South Korea is a big market for diamond jewellery in Asia. The proposal came up after five-year-long discussion with Korean Diamond Exchange (KDE).“We hope that the abolition of the ICT and simplified taxes will have a very positive effect on diamond-jewellery sales in South Korea,” KDE chairman Nam Chang-Soo said. Abolishment of ITC will certainly help diamond and jewellery exporters to increase sales in South Korea.”Annual sales of polished diamonds in South Korea amount to approximately $2.5 billion, while sales of diamond jewellery come to about $5 billion.Surat Diamond Association president Babu Gujarati said, “Small and medium diamantaires in Surat will benefit from tax relief in South Korea..