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13
May
In January, 21 Indians amongst 33 foreigners were arrested in Shenzhen for smuggling diamonds worth millions of dollars from Hong Kong to mainland China to avoid the 4 percent import duty.
Though being a part of China, Hong Kong is a duty-free import area for rough diamonds while China demands the custom duty of 4 per cent.
That’s the reason not only Indian jewellery makers but many others supply the products to Hong Kong first and then to Shenzhen.
Indian diamond jewellery manufacturers are still exploring the potential in the market of China even after the recent arrest.
The arrests were made in the second week of January in the southern China city of Shenzhen. But the arrests had no impact on the willingness of Indian jewellery companies to flourish in China. China has proved as a large retail market and Indian companies wish to radiate from the US market as it involves more risk.
Gems & Jewellery Export promotion Council, the trade body set by the Union ministry of commerce has for the first time planned to participate in all the exhibitions there.
Every year China hosts four mega gems and jewellery events and till now India made its presence as a visitor but now GJEPC is encouraging members to publicize the products in exhibitions as said by Vasant Mehta, Chairman of Read the rest of this entry…